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October 2007
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Archive for October, 2007

Home Loan Demand Falls Despite Interest Rate Dip

U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday.
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The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended September [...]

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Dow Jones Passes 14,000 for Record High

Wall Street began the fourth quarter with a huge rally Monday, sending the Dow Jones industrial average to a record close. Stocks were buoyed by a growing belief that the worst of the credit crisis has passed.
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The Dow rose 191.92, or 1.38 percent, to 14,087.55, surpassing its closing [...]

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Stocks Soar on New Hopes For Rate Cut

 
Wall Street shot higher Monday, sending the Dow Jones industrial average into record territory after a weaker than expected report on manufacturing raised hopes that the Federal Reserve will lower interest rates later this month. A big acquisition by Nokia and relief over a profit warning from Citigroup Inc. added to the market’s gains.
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Citigroup Warns of 60 Pct. Earnings Drop

Citigroup Inc., the nation’s largest financial institution, warned Monday its third-quarter earnings are likely to decline 60 percent, as it takes more than $3 billion in writedowns for securities backed by underperforming mortgages and loans tied to corporate buyouts.
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The announcement from Citigroup came as the Swiss bank UBS [...]

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