Stock Market News

The stock market closed Thursday on a high note. Major indices surged over 2% in heavy trading, only to finish near the best levels of this session. Financials led the way higher, Thanks to upgrades and news the Fed is expanding on its earlier announced plan to create more liquidity.

The financial sector was off to a good start after Fannie Mae and Freddie Mac were upgraded.

Financials, as well as the market, got boosted even farther when the New York Fed said it was making modifications to Term Securities Lending Facility. The auctions now allow schedule 2 collateral, not the schedule 1 collateral. Schedule 2 collateral will include collateralized mortgage obligations and AAA rated commercial mortgage-backed securities

The Fed is going to lend banks high liquid securities in exchange for the less liquid assets. The banks are now able to use a greater range of collateral than was before announced. The first auction will be on Thursday, March 27 and offer $75 billion for a term of 28 days. There have been up to $200 billion in loans authorized. This positive development relieves holders with difficult to trade securities at least temporarily.

In a other stock news, Thrifts & Mortgages was a standout for three days in a row. They have jumped 53% from Monday’s. Investment Banks & Brokerages was a leader as well with a gain of 11.2%.

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Debt Consolidation Advice, Help and News from Debt Advisers Direct

• Consumers took on more mortgage debt in July August 26, 2010
  Consumers took on £2bn more mortgage debt than they repaid in July, according to the latest figures from the British Bankers` Association (BBA). This represented a 4.1% annual increase in net mortgage lending by banks, the report adds. Gross mortgage lending came to £8.4bn in July, but this was down on the £8.6bn seen both a month earlier and on average […]
• Debts called in by parents August 26, 2010
  According to research, `the bank of Mum and Dad` is now calling in its debts - as parents ask for larger amounts of money back from their children, The Telegraph reports. The findings revealed that one in 10 grown-up children either gave or lent, on average, £8,250 to their parents last year. This figure is £1,750 higher than it was in 2008. More than on […]
• Teenagers `scared of debt` August 19, 2010
  Nearly two thirds of teenagers are `scared` of debt, according to a survey for discount website MyVoucherCodes.co.uk. Fully 64% of 1,482 teenagers (aged 14-17) questioned said that they`re actually scared of debt. 53% said they don`t trust lenders. 21% said that they didn`t plan to take out a loan or have a credit card - ever. Of the people who didn`t wan […]
• Rising household costs could pressure people in debt August 10, 2010
  The UK may be about to see a rise in food price inflation that could put extra pressure on already-stretched household finances, The Independent reports. Kantar Worldpanel, a market research firm, has forecast a rise from 2% to 4% in grocery-price inflation by the end of the year. The firm attributes this to growing wholesale prices of things like wheat an […]
• Pensions debt may impact workers` retirement funds August 5, 2010
  According to a report by actuaries LCP, an entire generation of workers may be left with little money to retire on because companies haven`t reduced their pension debts, lv.com reports. £17.5bn was paid into employee pension pots by large firms during 2009 - which helped slash the top 100 firms` overall pension debt by around 50%, to £51bn. However, as t […]