U.S. stocks jump as Fed, allies inject liquidity

Date: Wed, 12 Dec 2007

U.S. stocks jump as Fed, allies inject liquidity

NEW YORK
U.S. stocks spiked higher Wednesday, with the Dow industrials up nearly
150 points, after the Federal Reserve and four other central banks moved
to improve liquidity in the banking system and encourage short-term
lending.

The Fed: Fed, other central banks move to inject cash into money
markets

WASHINGTON
The Federal Reserve, as part of a coordinated plan with global central
banks, said on Wednesday said they were taking steps to inject up to $40
billion in reserves into the money markets to try to ease the credit
crunch currently roiling the financial system.

Economic Report: Import prices rise 2.7% in November, most in 17 years

WASHINGTON
Driven by a weaker dollar and much higher prices for petroleum and
natural gas, import prices surged 2.7% in November, the largest monthly
increase in 17 years, the Labor Department reported Wednesday.

Mortgage applications rose 2.5% last week: MBA

CHICAGO
Mortgage applications rose a seasonally adjusted 2.5% last week, as
mortgage rates headed up, according to the Mortgage Bankers
Association's weekly survey, released on Wednesday.

BHP Billiton steps up Rio battle; Xstrata seeks out partner

LONDON
Mining M&A chatter involving firms worth a combined $183 billion
continued on Wednesday, as BHP Billiton tried to convince investors of
its Rio Tinto offer and Xstrata said it has held merger talks.