new yorkDennis Seid 5/12/09
Wall Street goes back
on the defensive
n NEW YORK – Stocks ended mixed but well off their lows Tuesday as early concerns about a barrage of stock offerings eased and as rising oil prices lifted energy stocks.
The Dow Jones industrials rose 50 points to 8,469.11. The Samp&P 500 index slipped 0.89, or 0.1 percent, to 908.35 and the Nasdaq fell 15.32, or 0.9 percent, to 1,715.92.
Renasant Center hosts
free business workshop
n TUPELO – The Renasant Center for IDEAs is hosting a free workshop today from 8 a.m. until noon for business owners. Reservations are not required.
For more information, call Wayne Averett at the Renasant Center for IDEAs at (662) 823-4335.
Trade, housing data
more stable, still weak
n Despite weak performances in three areas – trade, home sales and job openings – the U.S. economy appears closer to stabilizing, though at low levels, economists said.
The Commerce Department said the trade deficit widened to $27.6 billion in March, from February’s revised $26.1 billion gap, which had been the smallest since November 1999.
Through the first three months of this year, the trade deficit ran at an annual rate of $359.7 billion, far below last year’s $681.1 billion. Economists expect the deficit will remain low this year as the U.S. recession crimps demand for foreign goods.
Freddie Mac seeks
$6.1 billion in help
WASHINGTON — Mortgage giant Freddie Mac says it needs $6.1 billion in additional government aid as the cost to taxpayers from the housing market bust keeps rising.
The company, seized by federal regulators in September, posted a loss of $9.9 billion, or $3.14 per share, for the quarter ending March 31. That compares with a loss of $149 million, or 66 cents a share, in the year-ago period.
The results were driven by $8.8 billion in credit losses due to soaring delinquency rates and falling home prices, and $7.1 billion in writedowns of the value of its mortgage-backed securities.
The request for federal aid is Freddie Mac’s third since the takeover, bringing its total up to more than $51 billion