new yorkDennis Seid 5/29/09
Stock market soars
in late-day rally
n NEW YORK – Stocks shot higher right before the closing bell Friday after fluctuating on a mix of economic data. Analysts said the surge was the work of short-sellers who had bet that stocks would fall and then had to rush to buy when those bets turned out to be wrong.
The Dow Jones industrial average rose 96.53, or 1.2 percent, to 8,500.33. The Standard amp& Poor’s 500 index gained 12.31, or 1.4 percent, to 919.14, while the Nasdaq composite index rose 22.54, or 1.3 percent, to 1,774.33.
to get short-term loans
n Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don’t have to wait to get the money from the Internal Revenue Service.
Most borrowers will still have to come up with the FHA’s required 3.5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit.