NEW YORK -
U.S. stocks tilted toward a slightly higher open Thursday with President Bush planning to announce new measures to contain the subprime mortgage crisis.
An agreement between Treasury Secretary Henry Paulson and lenders would freeze interest rates for up to five years for some subprime borrowers. It was completed Wednesday after talks between the Treasury Department, mortgage lenders and Wall Street banks.
The fallout from the subprime crisis has weighed on the financial services sector this year, with banks and brokerages writing down some $80 billion worth of securities tied to mortgages. Royal Bank of Scotland Group PLC, the U.K.'s second-biggest bank, on Thursday reported it suffered $3 billion in writedowns caused by slumping credit markets.
Subscribe to:
Post Comments (Atom)
1 comment:
Wall Street is hoping to extend Wednesday's gains, when stocks were buoyed by strong economic data. The Dow Jones industrial average shot up 196 points.
Post a Comment