Ben Bernanke, head of the FED, signaled another rate cut to help the economy. Dow is up 55, advancers ahead of decliners 3-2 & NAZ is up 14. Not bad considering the negative news releases. The Commerce Dept reported new home sales fell 2.8% in Jan. Fannie Mae (FNM) & Freddie Mac (FRE), after initial declines, rose on news that they will lift an investment cap to release billions for new mortgages. Earlier FNM released an ugly earnings report, they lost $3.6B in the last qtr & are looking for 2008 to be another tough year. Toll Bros (TOL) reported a major loss & this year started off weak for the third year in a row. That ties with today's announcement that new home sales fell for the third month in a row.
News about the economy continues gloomy, but that's not stopping buying today.
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