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Stocks Up on Rate Cut Hopes

Posted Dec 10, 07 3:56 PM CST in Business    Most Covered

(Newser) – Stocks kept climbing today as investors held out for a nearly certain rate cut at tomorrow's Fed meeting. A positive housing report and mostly good news from financials also helped keep things bullish. "Everybody is paying attention to tomorrow's rate" cut, a trader told the Wall Street Journal. The Dow was up 101.45 to 13,727.03, the Nasdaq rose 12.79 to 2,718.95, and the S&P 500 climbed 11.3 to 1,515.96.

The bite of the credit crunch could still be felt today, though, as USB announced major subprime-related write-downs. And experts warn that today's sunny housing numbers don't necessarily represent a trend. "In our view it would be a great mistake to extrapolate from the latest couple of months' numbers," says one economist.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Jason Blatt, right, listens to a specialist as he works on the floor of the New York Stock Exchange Monday, Dec. 10, 2007. Wall Street advanced Monday as expectations for an interest rate cut from the...   (Associated Press)
A pair of specialists joke around on the floor of the New York Stock Exchange Monday Dec. 10, 2007. Wall Street advanced Monday as expectations for an interest rate cut from the Federal Reserve and an...   (Associated Press)
Federal Reserve Board Chairman Ben Bernanke testifies on Capitol Hill, in Washington, in this Jan. 18, 2007 file photo, before the Senate Budget Committee. (AP Photo/Manuel Balce Ceneta, file)   (Associated Press)
Traders get together on the floor of the New York Stock Exchange Monday, Dec. 10, 2007. Wall Street advanced Monday as expectations for an interest rate cut from the Federal Reserve and an uptick in pending...   (Associated Press)
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