Secondary space roars back to close week; energy, coal see decent rally; AMD profit misses

By Stephanie N. Rotondo

Phoenix, Oct. 17 – The distressed debt market had “a major rebound today,” a trader said Friday.

“It was a raging bull market today,” the trader said.

But another source noted that “the market was very thin and trades took place wherever a seller would let bonds go.”

The market had suffered throughout the week as the broader markets swung wildly. In the bond market specifically, the coal and energy sectors took massive hits.

But those names came back in Friday trading.

“Some of the coals were up 5 points, some of the energy names were up 5 points,” a trader said.

Meanwhile, Advanced Micro Devices Inc. was mostly higher on the day, despite reporting earnings that missed expectations.

Fannie Mae and Freddie Mac preferreds were moving up as it was reported that the Federal Housing Finance Agency plans to release a plan to ease lending standards for those with less-than-perfect credit scores.

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