U.S. stocks higher, basking in afterglow of Fed rate cut

11:51 am ET Sep 19, 2007

DJIA

13,831

+92.10

S&P

1,532

+12.69

NASDAQ

2,672

+20.89

10Yr

4.55%

+0.072

U.S. stocks higher, basking in afterglow of Fed rate cut

NEW YORK
U.S. stocks climbed higher Wednesday, as major indexes neared levels not
breached since late July, with investors buoyed by optimism sparked by
the Federal Reserve's larger-than-expected answer to Wall Street's call
for a cut in interest rates.

Morgan Stanley makes bigger cut in value of assets than Lehman

SAN FRANCISCO
Morgan Stanley said on Wednesday that it cut the value of loans and
commitments by roughly $940 million, more than similar reductions
unveiled yesterday by rival investment bank Lehman Brothers.

Regulator loosens rules on Fannie, Freddie

WASHINGTON
In a bid to help struggling subprime-mortgage borrowers, Fannie Mae's
and Freddie Mac's federal regulator said Wednesday it will allow the two
huge mortgage-buyers more buying power in the mortgage market.

U.K. regulator urged action ahead of Northern Rock crisis

LONDON
The U.K.'s financial services regulator repeatedly urged the Bank of
England to intervene in money markets in order to stave of a crisis in
confidence surrounding U.K. mortgage lenders, according to a published
report Wednesday.

Subprime Today: Global markets cheer Fed cut: Morgan Stanley profit
falls