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 U.S. Stocks Rally on Fed's Plan to Lend Up to $200 Billion

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Registration date : 2008-03-03

PostSubject: U.S. Stocks Rally on Fed's Plan to Lend Up to $200 Billion   Tue Mar 11, 2008 10:59 pm

By Eric Martin



March 11 (Bloomberg) -- U.S. stocks rallied the most since January after the Federal Reserve announced plans to lend up to $200 billion to reinvigorate the financial system.
Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. led financial shares to their steepest advance in seven weeks on expectations the Fed's move will stem credit-market losses. Nine of 10 industry groups in the Standard & Poor's 500 Index gained as the benchmark for U.S. equities rose for the first time in four days.
The S&P 500 climbed 26.94 points, or 2.1 percent, to 1,300.31 at 10:25 a.m. in New York. The Dow Jones Industrial Average added 260.27, or 2.2 percent, to 12,000.42. The Nasdaq Composite Index increased 50.06, or 2.3 percent, to 2,219.4. Fourteen stocks gained for every one that fell on the New York Stock Exchange.
``What the move really did is begin to provide some liquidity back into credit markets,'' said Kevin Cronin, head of investments at Putnam Investments in Boston, which manages $185 billion. ``It's provided some oil to the engine on the credit side, that's one of the things the equity market has recognized.''
Financial shares in the S&P 500 gained 3.5 percent as a group, rebounding from the lowest level since May 2003. Treasuries plunged, pushing the two-year note's yield up the most since 1996, as investors dumped holdings of government debt and bought stocks. The dollar rose the most in three months against the yen and rebounded from a record low versus the euro.
$200 Billion Plan
The Fed plans to make the loans in exchange for private mortgage-backed securities and other debt that has plunged in value as homeowners defaulted on their payments. Banks around the world have posted $188 billion in writedowns and credit losses stemming from the collapse of the subprime mortgage market. The S&P 500 Financials Index had lost 20 percent this year through yesterday.
Citigroup, the largest U.S. bank, rallied $1.26 to $20.95. Bank of America, the second-biggest, climbed $2.03 to $37.34. JPMorgan, the No. 3, increased $2.17 to $38.65.
Fannie Mae, the biggest mortgage-finance company, jumped $1.13, or 5.7 percent, to $20.94. Freddie Mac, the second largest, soared $1.29, or 7.4 percent, to $18.68. Countrywide Financial Corp., the biggest U.S. mortgage lender, climbed 28 cents to $4.64. Washington Mutual Inc., the largest U.S. savings and loan, added 8.9 percent to $10.93. Bear Stearns Cos. gained 8.6 percent to $67.65 and Lehman Brothers Holdings Inc. rose 8.7 percent to $46.70.
Mining Shares Gain
Newmont Mining Corp., the world's second-biggest gold producer, gained 89 cents to $50.27. American depositary receipts of Harmony Gold Mining Co., Africa's third-largest gold producer, climbed 37 cents to $13.32.
Gold advanced in London, snapping a three-day slide. Copper and silver also rose.
Weyerhaeuser Co., the largest U.S. lumber producer, climbed $3.20 to $62.19 after UBS raised its recommendation on the stock to ``buy'' from ``neutral,'' saying risk from the housing slump ``is starting to be priced in as market expectations have become more realistic.''
Texas Instruments Inc. slumped 19 cents to $29.46. The second-biggest maker of chips that run mobile phones cut its sales and profit forecasts because of slowing handset demand.
Health-care companies lost 0.3 percent, the only decline among 10 industry groups in the S&P 500. WellPoint Inc. dropped $16, or 24 percent, to $49.92 after the second-largest U.S. health insurer cut its per-share profit prediction for 2008 due to unexpectedly high medical costs. WellPoint also said weakness in the U.S. economy has limited enrollment gains.
The economic slowdown in the U.S. will be deeper and the recovery weaker than previously forecast, according to a Bloomberg News monthly survey. The world's largest economy will grow at an annual rate of 0.3 percent from January through June, a half point less than projected in February, according to the median estimate of 62 economists polled from March 3 to March 10.
To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net. Last Updated: March 11, 2008 10:26 EDT
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