Investor's Business Daily (09/09/08) P. A1; Stoddard, Scott
The government bailout of Fannie Mae and Freddie Mac brought good news to the stock market on September 8, with the Dow and the S&P 500 up 2.6 percent and 2.1 percent, respectively. Builders also reported gains, with KB Home up 14 percent and Lennar up 10 percent. Among banks, Wachovia rose 13 percent, both Bank of America and Wells Fargo gained 8 percent and Citigroup climbed about 7 percent. "While this is a great start and we can begin to focus on the light at the far end of the tunnel, there's a lot that has to happen between now and then to help the housing market bottom and the credit freeze begin to thaw," remarked Federated Investors chief market strategist Philip Orlando.
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