Financial stocks were mostly higher Monday after the government announced plans to rescue mortgage buyers
, but the sector was losing some of its momentum as the session progressed.
Cramer: The Mortgage Bailout's Biggest Winners
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Among financial components of the
Dow Jones Industrial Average
was up 2.1%,
Bank of America
was gaining 5.3%, and
was higher by 4.4%.
was rising 2.3%.
American International Group
was missing the rally, slipping 0.6%.
Bank of New York Mellon
was up 7.4%, and
was adding 4.5%.
were ahead by nearly 8%, while
was up almost 9%.
The KBW Bank index was stronger by 3.4%, and the NYSE Financial Sector index was up 2.6%. The Amex Securities Broker/Dealer index was edging lower, as
Despite helping the market overall, Fannie and Freddie themselves were plummeting, with both losing more than 80% of their value to trade under $1 each.
Another sector benefitting from the Fannie-Freddie news was the homebuilding group, and the Philadelphia Stock Exchange Housing Sector index was climbing 5.4%.
was up more than 7%,
was showing a 9.2% gain, and
was advancing 11%.
Also in the group,
This article was written by a staff member of TheStreet.com.