This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Business Highlights

Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.38 percent. That's down from 3.40 percent last week. It hit 3.31 percent in November, the lowest on records dating to 1971.

The average on the 15-year fixed mortgage was unchanged at 2.66 percent. The record low is 2.63 percent.

___

Lessons learned, BofA makes a new mortgage push

NEW YORK (AP) â¿¿ Bank of America wants a bigger slice of the mortgage market. This time, the bank is being more careful about how to get it.

On Thursday the bank sketched out plans for regaining some of the ground it lost in home lending. That's a change from the strategy of the last few years, when it concentrated on shedding parts of its mortgage business.

Under the new approach the bank is targeting people who are already customers. It also wants to focus on making loans directly to borrowers, rather than buying mortgages from other lenders.

___

Legal expenses drag down Citigroup 4Q earnings

Citigroup's fourth quarter earnings fell short of Wall Street's expectations as the bank's legal expenses rose and it released less money from its loan-loss reserves.

The bank, based in New York, said a big chunk of the legal expenses came from a settlement reached last week over illegal foreclosure practices in the aftermath of the housing bust.

It was Citigroup's first quarter under the leadership of CEO Michael Corbat, who took the helm after former CEO Vikram Pandit resigned abruptly in October.

___

By The Associated Press(equals)

The Dow Jones industrial average rose to 84.79 points higher at 13,596.02. The Nasdaq composite climbed 18.46 points to 3,136. The S&P 500 gained 8.31 points to close at 1,480.94.

Benchmark oil gained $1.25 to finish at $95.49 a barrel. Brent crude, used to price international varieties of oil, rose $1.42 to end at $111.10 per barrel on the ICE Futures exchange in London.

4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs