Wednesday's Bloomberg Market Report

By: Bloomberg Email
By: Bloomberg Email

New York Stock Exchange
9070.44 down 13.27

NYSE MKT Exchange
2401.12 up 0.45

NASDAQ Composite
3256.52 up 4.04

Standard And Poors 500
1562.85 down 0.92

One company's new pricing plan could mean a break in your cellphone bill. Here's the Wednesday Bloomberg After The Bell Report from the New York Stock Exchange.

If you're seriously behind on your mortgage backed by Fannie Mae or Freddie Mac, you won't need to document your finances to reduce your monthly payments. The government announced the move, which is an attempt to stem bank losses by letting delinquent borrowers avoid the red tape typically involved in loan modifications.

It's been a profitable few years for General Motors, but the automaker is still looking to cut about a billion dollars in costs. GM says its fixed costs are going up so it needs to make the changes in order to generate strong profit margins. Among the targets, hiring more lower-paid hourly workers and bringing IT work in house.

A drop in pending home sales combined with easing concern over Europe's debt problems led to a mixed close on Wall Street.

T-Mobile's introduction of low-priced cellphone plans may mean lower costs for customers because the carrier's new no-contract discount plan could fuel a price war between competing wireless companies.

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