Stocks post modest gains, slightly below session highs. Nine of the ten sectors are posting a gain. The energy sector (+1.3%) is no longer the leader, overtaken by telecom (+1.3%) as crude futures, up 1.2% to $117.64 per barrel, give up some gains.
Crude oil traded up as much a 2.9% at $119.63 earlier in the session.
Financials are up 0.5%, with Fannie Mae (FNM 6.17, +0.55) and Freddie Mac (FRE 4.44, +0.47) once again leading the way as traders speculate about the future of the two government-sponsored enterprises. Over the last five sessions, shares of Fannie and Freddie are up 39% and 34%, respectively. However, the gains do not come even close to making up recent losses. During the last 30 sessions, shares of Fannie and Freddie are still down 34% and 36%, respectively.
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