FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

NEW YORK (AP) - Wall Street extended its big advance Monday as investors applauded a new agreement that will give Bear Stearns Cos. shareholders five times the payout than was outlined in a JPMorgan Chase & Co. buyout deal a week ago. Investors were also pleased by a stronger-than-expected housing report and sent the Dow Jones industrial average up about 225 points.

Stocks rose after JPMorgan said the company will boost its offer to $10 per share from $2. The revised plan is aimed at soothing Bear Stearns shareholders upset over JPMorgan’s earlier offer, which was made at the behest of the Federal Reserve when Bear Stearns was near collapse.

Bear Stearns shares more than doubled, jumping $6.28 to $12.24, while JPMorgan rose 92 cents, or 2 percent, to $46.89.

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Tags: bear stearns, JPMorgan, Stocks

This entry was posted on Monday, March 24th, 2008 at 8:12 pm and is filed under Mortgage Lender & Broker News, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.