U.S. stocks higher on deal speculation

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U.S. stocks higher on deal speculation

NEW YORK
U.S. stocks rose sharply on Wednesday amid heightened expectations of an
interest rate cut by the Federal Reserve to contain trouble in the
credit markets, while merger-and-acquisition talk lifted shares of
E-Trade and Nymex Holdings.

MGM Mirage shares jump on Dubai World deal

CHICAGO
Shares of MGM Mirage were on the rise Wednesday after the casino company
said it had inked a $5 billion deal in which Dubai World will ultimately
acquire a 9.5% stake in MGM and partial ownership of a massive
real-estate project.

Weekly mortgage loan applications off 5.5%, MBA data show

CHICAGO
Filings of applications seeking mortgage loans dropped a 5.5% last week
compared to the prior week as interest rates increased, the Mortgage
Bankers Association said Wednesday.