Stocks Rally Strong on Fannie, Freddie Takeover

Europe, Japan, US futures see market surge

By Matt Cantor, Newser Staff

Posted Sep 8, 2008 4:29 AM CDT

(Newser) – European and Japanese stocks saw their biggest surge since January and US futures climbed amid news of the Treasury Department’s plan to take charge of Fannie Mae and Freddie Mac, Bloomberg reports. Europe's UBS AG, pounded by subprime losses, and Japan’s Mizuho Financial Group, its biggest bank by assets, jumped 10% after Treasury Secretary Henry Paulson announced the establishment of a conservatorship for the mortgage lenders.

Paulson’s plan “is the beginning of the end of the problem,” said a London global equities officer. “We'll see a floor put under financial shares.”

Treasury Secretary Henry Paulson, Jr., speaks during a news conference Sunday, Sept. 7, 2008 on the bailout of mortgage giants Fannie Mae and Freddie Mac. (AP Photo/Susan Walsh)

Treasury Secretary Henry Paulson, Jr., left, and Federal Housing Finance Agency Director James Lockhart exchange places during a news conference yesterday on the Fannie Mae and Freddie Mac bailout. (AP Photo/Susan Walsh)

Japan's benchmark Nikkei 225 stock index was up more than 430 points, or 3.6%, in morning trading after Washington announced a bailout of mortgage giants Fannie Mae and Freddie Mac. (AP Photo/Koji Sasahara)

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Stocks Rally Strong on Fannie, Freddie Takeover

Europe, Japan, US futures see market surge

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Fannie Mae Needs Another $7.8B

Taxpayer bill for mortgage firm's rescue now $94B

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

Treasury to Sell Off $142B in Toxic Assets, Make Billions

'Notably improved' market means $15B-$20B profit for taxpayers

Tab for Fannie, Freddie Could Soar to $259B

That would be nearly twice what they've received so far

Homeowner Bailout May Be on the Way

Insiders think Fannie and Freddie will forgive mortgage debt

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Stocks Rally Strong on Fannie, Freddie Takeover

Europe, Japan, US futures see market surge

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OTHER STORIES ON OUR RADAR

stock market • Japan • Europe • Henry Paulson • futures market • Freddie Mac • Fannie Mae • conservatorship • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Fannie Mae Needs Another $7.8B

Taxpayer bill for mortgage firm's rescue now $94B

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

Treasury to Sell Off $142B in Toxic Assets, Make Billions

'Notably improved' market means $15B-$20B profit for taxpayers

Tab for Fannie, Freddie Could Soar to $259B

That would be nearly twice what they've received so far

Homeowner Bailout May Be on the Way

Insiders think Fannie and Freddie will forgive mortgage debt

About Us

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Newser By Users

Community

Site Maps

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More News

What is Newser?