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Updated from 3:37 p.m. EDT
Stocks on Wall Street rallied sharply into the close Monday to lock in sizable gains prompted by a U.S. government takeover of mortgage giants Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote).
The Dow Jones Industrial Average gained 289.78 points, or 2.6%, to 11,510.74, and the S&P 500 climbed 25.48 points, or 2.1%, at 1267.79. The Nasdaq added 13.88 points, or 0.6%, to 2269.76.
On Sunday, the Treasury Department and Federal Housing Finance Agency said they would temporarily seize Fannie Mae and Freddie Mac, replacing the mortgage giants' CEOs, buying preferred shares of the companies and offering additional capital support as Fannie and Freddie wade through increasing home-buyer defaults. ...
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