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Updated from 3:28 p.m. EDT
Banks and brokerages enjoyed a rally even as one insurer took a nosedive.
The overall market jumped while the NYSE Financial Sector index popped more than 6.3% to 2,582.16. The Dow Jones Industrial Index advanced 208.91 to 7,139.31.
It became official that the country's biggest bank, based on assets, is nowBank of America (BAC Quote). BofA jumped 15% in afternoon trading to $5.67. It also benefited from its Merrill Lynch brokerage arm's agreeing to a $7 million settlement with the SEC over charges that it gave day-traders access to confidential information, thus removing the uncertainty of the situation. ...
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