Fed intervenes and market soars
WASHINGTON — The Federal Reserve announced Tuesday that it will provide up to $200 billion in short-term loans, accepting a wide range of mortgage bonds as collateral in a bid to boost credit markets, keep housing finance alive and avoid a recession… Stocks, which had slumped over the past three sessions, soared throughout the day on news of the Fed’s action. The Dow Jones Industrial Average closed up 416.66 points. The S&P 500 was up 47.28 and Nasdaq jumped 86.42 points.

Stocks open higher after rally
NEW YORK – Stocks built on a sharp rally with moderate gains Wednesday as investors remained upbeat about plans by the Federal Reserve and other central banks to pump more liquidity into distressed financial markets.

401(k)s tapped to save homes
Struggling to save their homes from foreclosure, more Americans are raiding their 401(k) retirement accounts to pay their bills — and getting slammed with taxes and penalties in the process, according to retirement plan administrators. Rather than borrow money from their 401(k) accounts, which would have to be paid back, a growing number of beleaguered families have been cashing out, plan administrators say.

Aging Americans unsure they can afford to retire -survey
NEW YORK (Reuters) – A third of Americans 50 and over are not confident they will have enough money to retire, and more than two-thirds expect to keep working well into old age, according to a survey published Wednesday.

Berkshire’s Jain: risk of insuring muni bonds rising
NEW YORK/WASHINGTON (Reuters) – Troubles at Jefferson County, Ala. and Vallejo, Calif. could be the “tip of the iceberg,” as economic woes raise the risk of insuring municipal bonds, a Berkshire Hathaway official said on Wednesday.

Migrants still sending vast sums back to Latin America
WASHINGTON — Latin American and Caribbean migrants sent relatives back home a record $66 billion last year, but the remittances grew by the lowest rate ever, with Mexico and Brazil showing significant slowdowns, a study released Tuesday shows. Remittances, which now are considered a crucial part of many Latin American and Caribbean economies, rose 7 percent in 2007, the first year that the growth rate has been in single digits.