Stocks reversed their two-day slump on Wednesday, with the three major indices all posting gains. General Motors ( GM), Bank of America ( BAC) and General Electric ( GE) closed in the red, but Ford ( F) shot up 13.2%, and Bed Bath & Beyond ( BBBY) closed up a hearty 24.3%.

Pulte ( PHM) closed down 10.5% at $9.64 after announcing that it will buy Centex ( CTX). The deal will create the nation's largest homebuilder, which Jim Cramer said " should have happened a year ago." Centex rose 18.9% on the news, closing up $1.44 at $9.06.

Life insurers soared on news that those that qualify will be eligible to receive TARP funds.

With this in mind, we thought we'd take a closer look at some of the day's headlines and see what Jim Cramer's had to say about stocks related to the news.

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