Dow tightens weekly gains as Bernanke hints at cuts
The Dow rose 59.99 points to 13371.72 while the S&P 500 gained 11.42 to 1481.14 and the Nasdaq fell 7.17 to 2660.96. Week totals show mixed strength after a volatile month as investors shift from bonds to stocks on expectations of possible rate cuts. Oil slipped to 88.71 a barrel on the NYMEX.
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New York
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Bernanke
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Standard & Poor
New York Mercantile Exchange
Loan plan on hold to curb mortgage foreclosures
The Bush administration and the mortgage industry are shaping a proposal to temporarily freeze low introductory rates on certain subprime loans to avert mass defaults. The plan, to be unveiled soon, would extend these teaser rates for years to keep payments steady as 2 million arms reset. The effort, under the Hope Now coalition, mirrors FDIC chief Sheila Bair’s sustainable modification idea for current borrowers unable to afford higher resets.
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Hope Now
Sheila Bair
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Wheat and grain futures mixed at Chicago Board of Trade
Futures at the Chicago Board of Trade showed mixed moves with Wheat for March down to 8.85, Corn up to 3.86, Oats at 2.69, and Soybeans easing to 1.80. Local elevators listed wheat around 8.46 and soybeans at 10.00, while nonferrous metals also noted including copper and zinc prices.
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Milo
Lawrence North Elevator
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Pauline Elevator
Ottawa Cooperative Association
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Edgerton
Overbrook
Midland
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