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October 28th, 2008

U.S. Stocks Rally to Finish Day Strong



The Dow Jones Industrial Average finished the day over 9,000 thanks to an almost 900 point gain today. In the second largest rally this month, the Dow increased 889.35 points to finish at 9065.12:

Surging about 420 points with little more than an hour of trade to go, the Dow Jones Industrial Average was more recently up 402.94 points at 8,578.71.

Also offering strong support, General Motors Corp. gained 5.2% after The Wall Street Journal reported that the Energy Department is working to arrange $5 billion in loans to the automaker, which would help GM merge with Chrysler.

he Fed’s interest-rate setting committee begins deliberations Tuesday afternoon at the start of its two-day meeting, with expectations for a half-point cut to bring the federal funds rate to 1% — which would be its lowest level since June 2004.

The U.S. central bank rarely makes announcements on the first day of its meetings, but after this month’s global coordinated rate cut, traders are on alert for an early move.
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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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