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Stocks Soar on Freddie, Fannie Takeover News
Published in Saudi Press Agency on 08 - 09 - 2008

Stocks rose across the board and the world on Monday after the U.S. government announced a plan to help out mortgage companies Fannie Mae and Freddie Mac, raising investor hopes about the future of the financial and housing markets.
The Dow Jones industrials gained more than 150 points in Monday trading, though the technology-heavy Nasdaq composite index declined.
The U.S. Treasury Department announced its plan Sunday to take control of the two companies, which own or back about half the nation's mortgage debt. The plan includes up to $100 billion in funds for each of the companies, and could both lower mortgage rates and perhaps lift the flagging U.S. economy.
In early afternoon trading, the Dow Jones industrial average rose 163.98, or 1.46 percent, to 11,384.94 after being up nearly 350 points in the early part of the session.
Broader stock indicators were mixed. The Standard & Poor's 500 index advanced 13.09, or 1.05 percent, to 1,255.40, and the Nasdaq composite index fell 7.61, or 0.34 percent, to 2,248.27.
Average shareholders of Fannie Mae and Freddie Mac stock will suffer under the new plan, but analysts said the losses they have already suffered the bulk of the stock value loss that can be expected.
Fannie Mae shares plunged $6.14, or 87 percent, to 90 cents, while Freddie Mac fell $4.21, or 83 percent, to 89 cents.
Worldwide, investors were happy with the plan, particularly those with stock in the two companies. Japan's Nikkei stock average jumped 3.4 percent and Hong Kong's Hang Seng index rose 4.3 percent. In Britain, the FTSE 100 was up 3.92 percent, while Germany's DAX index climbed 2.22 percent and France's CAC-40 rose 3.42 percent.


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