Morning Commentary: Preferreds improve on oil prices, positive China news; Freddie up

By Aleesia Forni

New York, Jan. 13 – Preferred stocks were showing signs of improvement early during the session on Wednesday.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.

On a broader basis, the market’s tone was improved as an increase in crude oil prices and positive trade data out of China lifted sentiment.

The Dow Jones industrial average and the S&P 500 were both up early Wednesday.

Elsewhere, Freddie Mac’s preferreds were down at mid-morning.

Freddie’s 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) fell 4 cents to $3.20.

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