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CREDIT CRISIS: Stocks Soaring on Bailout News
Financial stocks are soaring this morning on news that the federal government is preparing to assume responsibility for troubled assets.
Nearly every financial stock is surging. Merrill Lynch shares are up 25% at $27.55. Goldman Sachs shares up 26% at $136.78. Morgan Stanley up 25% at $28.10. Washington Mutual up 47% at $4.40. National City 34% higher at $5.90. Citigroup shares had climbed 27% in early trading. On the ETF side, the Financial Select Sector SPDR ETF has climbed 18% at $23.42.
The indeces are also rocketing. Nasdaq Composite has gained 111.90 points to 2,311.39, as of 10:51 a.m. ET. The Dow Jones Industrial Average is 379.66 points higher at 11,399.35.
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