PRESS DIGEST-Wall Street Journal - Sept 5
Sept 5 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* Interest rates on mortgages for pricey homes have dropped below those on smaller mortgages, an event that lending executives say has never happened before. Borrowing rates for so-called jumbo mortgages, which are too big for government backing, historically have been set higher than rates on what are known as conforming loans, which are backed by Fannie Mae , Freddie Mac or government agencies. ()
* The U.S. auto industry has shifted into high gear with new-car buyers snapping up vehicles last month at a pace not seen since before the financial crisis. Low interest rates and slow-but-steady job growth are encouraging consumers to trade in cars and trucks that average about 11 years old, say auto makers, which are adding production capacity and overnight shifts to satisfy demand. ()
* Just ahead of a meeting Wednesday to discuss last month's unprecedented three-hour trading outage, Nasdaq officials got another unexpected jolt: The main data feed for Nasdaq Stock Market-listed stocks went down again. While the hiccup was far less severe than the Aug. 22 outage the latest issue with the system again spotlighted exchanges' reliance on just a handful of data feeds to disseminate securities prices and quotations. ()
* Bond investors could get their first taste of Verizon Communications Inc's new debt to fund its $130 billion wireless acquisition as early as next week, according to people familiar with the matter. () Continued...