Stocks Rally on Data, Mortgage News

December 5 2007 BusinessWeek.com Encouraging reports on labor and productivity, and word of a plan to aid distressed U.S. homeowners, lifted equities Wednesday. Major U.S. stock indexes closed broadly higher Wednesday, supported by favorable economic data, continuing hopes for lower interest rates, and a report that the Bush administration has worked out a program to help out certain subprime mortgage holders. According to a report on the Wall Street Journal website, the Bush administration is expected to announce Thursday an agreement with the mortgage industry to freeze interest rates for certain subprime mortgages for five years.

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