Freddie Mac predicts more pain

August 06, 2008

The housing turmoil is still ongoing, but mortgage related losses are just beginning, home financing giant Freddie Mac told investors after posting another quarterly loss. Blue chips rose 40 points to 11,656. The S&P 500 gained 4 points to 1,289. The Nasdaq jumped 28 points to 2,378. Crude oil lost 59 cents to finish at $118.58 a barrel. Conway Gittens reports from New York.