Stocks manage late rally to close mixed by Delia Cruceru

This wasn't an easy summer for the Wall Street as credit woes and the decline of well known companies astonished the stock market. The United States largest mortgage lender, Countrywide Financial Corp. might hit the ground, after they had to borrow almost $11.5 billion so they can continue to fund their operations. Stocks from Dow Jones Industrials were down with 340 points yesterday, ending the day with a lost of 15 points. The Federal Reserve continued the injections of billions dollars in the system, declaring that they will continue to do that daily "to facilitate trading at rates around the operating objective of 5.25 percent." Many economists say that this injection shouldn't take place before the September 18, when the policy-making committee will meet, only in cases of calamities. But still the investors are hoping that the Federal Reserve will cut the interest rates before the meeting. "I think there is more confidence of a lasting rally in equities if the Fed cuts rates, and that makes it easier on days like this to do bargain hunting," said John Lonski, chief economist for credit-rating agency Moody's Investors Service. But the market is still considered to be fragile, as indexes from around the world aren't what traders were hoping to get: U.K.'s FTSE 100 fell 3.05 percent, Germany's DAX index fell 1.86 percent, and France's CAC-40 fell 2.52 percent. For Asia the Nikkei stock fell with 1.99, Hong Kong's Hang Seng Index fell 3.3 percent and the Shanghai Composite Exchange fell 2.1 percent.

related story: http://news.yahoo.com/s/ap/20070816/ap_on_bi_st_ma_re/wall_street;_ylt=AhqMVvkskoro940YmCwo5U2s0NUE

by Delia Cruceru for PocketNews (http://pocketnews.tv)

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