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S&P and Nasdaq rise after mortgage plan news


    NEW YORK (Reuters) - Stocks staged a late rally to close mostly higher on Thursday after Reuters reported the Obama administration was working on a program to subsidize mortgage payments for troubled homeowners.

    * According to preliminary closing figures, the Dow Jones industrial average ended off 6.77 points, or 0.09 percent, to 7,932.76. The Standard & Poor's 500 Index was up 1.45 points, or 0.17 percent, at 835.19. The Nasdaq Composite Index gained 11.21 points, or 0.73 percent, to 1,541.71.

    * "It's being viewed as a positive both for the mortgage industry and home building industry as well," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research in Cincinnati, Ohio.

    (Reporting by Leah Schnurr; editing by Gary Crosse)