Investors appeared to welcome Washington's efforts to shore up confidence in Fannie Mae and Freddie Mac Monday, as stock futures turned upward sharply following last week's volatile trading amid questions about the stability of the government-chartered mortgage companies. About 40 minutes before the opening bell in New York, Dow Jones Industrial Average futures advanced about 120 points to 11214. S&P 500 futures jumped 16 points while Nasdaq 100 futures picked up about 22 points. Futures activity isn't always a precise indicator of early market moves. The Treasury Department said that it will seek Congressional approval to buy stock in Fannie and Freddie and to increase the government's credit line to the firms. Further, the Federal Reserve said that the two companies would be granted access to the emergency discount window, if necessary. The Fed opened the window, previously open only to commercial banks, to investment banks earlier this year.
