Stocks Rise as Government Readies Housing Bailout
Stocks continued to rise on Thursday as traders brace themselves for the government bailout of subprime borrowers. Reports indicate the Bush administration plan is set to freeze interest rates for 5-years in an attempt to help homeowners keep hold of their properties (full story).
Wal-Mart
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PowerRating) announced November sales up 1.5%, on an 8.4% increase in total sales. The company also set its December target (read more).
Meanwhile, discount retailers Family Dollar Stores
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PowerRating) and Target
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PowerRating) are falling after posting disappointing November sales (read more).
Shaw Group
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PowerRating) reported Q4 profit fell, and the company restated its full-year 2005 and 2006 results (read more).
Toll Brothers
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PowerRating) reported a net loss in Q4 on declining revenue (read more).
The Bank of England cut interest rates by 25bp to 5.50%. It was the first time the central bank cut rates in two years.
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