Well, looks like Wall Street like the bailout proposed by the U.S. government on Freddie Mac and Fanny Mae.
S&P futures are +33, Nasdaq +39 & Dow +248.
Both companies will be taken over by the government and that takes a huge amount of uncertainty out of the market...after all, around half of all the mortgage debt in the U.S. is with these two companies.
However, it's not good news if you own their common stock. S&P downgraded both preferred stock ratings to junk.
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