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Financial stocks rallied again Wednesday after it looked more certain President Bush would not veto the House's expected passage of the housing bill, pushing mortgage related stocks like Radian(RDN Quote) much higher.
The bill would throw a lifeline to government-sponsored mortgage giants Fannie Mae(FNM Quote) and Freddie Mac(FRE Quote), both of which saw their stocks plummet in recent weeks amid investor concerns about their solvency. Fannie Mae jumped 11.9% to $15, while Freddie Mac rose 11.3% to $10.80.
Radian, a mortgage insurer, stands to benefit from the support the bill will provide the housing market, skyrocketed 47.6% to $1.86. Fellow mortgage insurer PMI Group(PMI Quote) shot up 19.6% to $3.23. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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