The stock market rallied with high hopes for a Fed rate cut & the plan for freezing mortgage rates. Dow was up 175, advancers beat declines 5-1 while NAZ was up 43. Volume was only medium but it looks like the next stop will be pushing the record above 14K. Just about every stock I followed was up, second day in row.
Stocks got a boost with the announcement allowing some homeowners facing foreclosure to freeze their interest rates up to five years & refinance their mortgages. The plan created by the Treasury Department, mortgage lenders & banks could help over 1 million homeowners. I think mortgage holders may be in for a rude shock when they reprice their loans down based on low interest rates for 5 years. It looks like the stock market figures tomorrow will take of itself.
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