U.S. stocks gain for another day, led by financials
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U.S. stocks on Thursday extended gains for a second day after the White House offered its plan to curb home foreclosures, bolstering financial shares battered for months by the subprime mortgage crisis and related credit crunch....
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U.S. stocks on Thursday extended gains for a second day after the White House offered its plan to curb home foreclosures, bolstering financial shares battered for months by the subprime mortgage crisis and related credit crunch. "It's a step in the right direction, at the very least we're putting together a plan," said Art Hogan, chief market strategist at Jefferies & Co. The administration's proposal targets about 10% of subprime borrowers who are able to afford their mortgage payments as they now stand, but would not be able to keep current once they reset higher, Hogan said.
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Highlights:
The Dow Jones Industrial Average (INDU:, , ) rose 174.9 points, or 1.3%, to 13,619.9, with 27 of its 30 components ending higher, led by a 5.5% rise by American Insurance Group Inc. (AIG:61.35, +3.20, +5.5%) shares. Also...
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