U.S. banks and homebuilders carried stocks to their second gain this week after Lehman Brothers Holdings Inc. said bad home loans won't curtail earnings, helping erase a 136-point tumble in the Dow Jones Industrial Average.
Countrywide Financial Corp., the biggest U.S. mortgage lender, posted its first advance in five days as investors gained confidence mortgage delinquencies pose less of a risk to the financial system than previously thought. All 16 homebuilders in Standard & Poor's 500 indexes advanced.
Lehman's assessment pared a decline in its shares and helped ease concern mounting defaults among the riskiest borrowers will slow economic growth. Energy and technology companies also helped the Dow and S&P 500 recover today from earlier declines of more than 1 percent after oil prices climbed and JPMorgan upgraded Qualcomm Inc.
Read more at Bloomberg.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment