Revelations that the company has been betting against the homeowners it has refused to help warrant the firing of its ineffectual overseer.
The blue chips close up 81 to their best level since May 2011. The central bank sees slightly lower growth but continued high unemployment. Apple briefly tops Exxon Mobil as the world's most valuable company. The dollar moves lower. Gold tops 1,700.
Once out of favor, homebuilder stocks have been on a torrid run. But seasonal weakness and extreme bullishness are likely to produce a correction.
With its large real estate holdings, this firm has attracted the interest of insiders and hedge funds.
But the economy that Obama will talk about Tuesday night is struggling. Job growth is still a problem, and the housing collapse is weighing on business.
Housing data this week points to a sector recovery -- but not as fast as investors want.
IBM, Intel and Microsoft power the blue chips and the S&P 500 Index higher. Google's earnings miss holds the Nasdaq back. Existing-home sales rose in December. Crude oil drops below $100; gold rallies.
The search giant misses estimates, but investors like earnings from IBM, Intel and Microsoft. The Dow gains 45. Bank of America's earnings cheer Wall Street. Jobless claims fall nearly to a 4-year low. F5 Networks earnings send shares soaring.
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The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
Joe Cantrell says he faces charges after trying to take advantage of the retailer's policy.
The IRS is struggling to combat identify thieves who file fraudulent tax returns in the names of older residents who don't need to file.