Benchmark ABX subprime index rises 2-6 points after Fed cut

NEW YORK (Reuters) - The benchmark ABX subprime mortgage index rose by 2 to 6 points on Tuesday after the Fed's 50 basis point rate cut, traders said.

The riskiest "BBB-minus" slice of the ABX 2007-1 index, linked to home loans in last year's second half, rose to 35.5 from about 33.5 on Monday. "People feel better," one trader said. "The Fed's easing pretty big and it's going to ease credit."