US stocks open higher on plan to aid Fannie, Freddie
2008-07-14 13:43:29 GMT 2008-07-14 21:43:29 (Beijing Time) SINA.com
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NEW YORK - Stocks are up sharply in early trading as investors show their relief about the government's plans to shore up confidence in mortgage financiers Fannie Mae and Freddie Mac.
Shares of the government-chartered companies are up after tumbling last week amid concerns they would succumb to losses in their mortgage portfolios. Statements Sunday from the Treasury and the Federal Reserve that they will lend support to the companies has eased some worries of further turmoil in the credit markets.
The Dow Jones industrial average is up about 108 points at the 11,208 level.
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