Wall Street Roundup: Tax cuts for the rich. Paulson for the poor
Good earnings give markets a jolt. Strong quarterly numbers from UPS and AT&T led the markets up after the opening bell, recovering from a downturn Wednesday caused by pessimistic testimony from Federal Reserve Chairman Ben Bernanke.
Mixed economic data. New figures out on Thursday morning show that the price of houses was up in May, while the number of home sales was down, though less than expected. The number of people requesting unemployment benefits rose slightly more than expected.
Tax cuts for the rich. A growing number of Democrats in Congress are calling for Bush-era tax breaks to be extended, even for the wealthy.
Paulson for the poor. John Paulson, the hedge fund manager who made billions from the declining housing market, is now planning to open up a fund that will allow retail investors to get in on the action.
-- Nathaniel Popper