Stocks On the Rise, Waiting on the Fed

NEW YORK (AP) - Stock prices are surging strongly on Wall
Street.
The market mood today has been enhanced by better-than-expected
earnings from Lehman Brothers and Goldman Sachs. The results from
the investment firms were being closely watched in the wake of the
Bear Stearns meltdown.
Shares of both companies have posted double-digit percentage
gains.
Still to come, an announcement from the Federal Reserve on
interest rates. Many investors are looking for an aggressive rate
cut. The central bank has been employing a variety of means to
revive stagnant credit markets, supporting the financial industry.
Before the opening bell, the Labor Department reported that the
Producer Price Index rose three-tenths of a percent. The core rate,
excluding food and energy, surged half a percent.
Also, the Commerce Department says housing starts fell
six-tenths of a percent last month. Building permits, a gauge of
future activity, fell 7.8 percent.
Crude oil futures have rebounded today after falling sharply
yesterday.