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NEW YORK (Reuters) - Stocks surged on Monday, following the worst week ever, as global efforts by governments to pump cash into banks sparked a rally in financial shares, while credit markets showed some signs of loosening up. Governments, including those of Germany and France, stepped up efforts to restore confidence in the shaky banking system by offering multibillion-dollar bank rescues after weekend talks in Washington. Morgan Stanley was the biggest percentage gainer on the S&P index, soaring more than 60 percent, after Japan's Mitsubishi UFJ Financial Group said it paid $9 billion for a 21 percent stake in the beaten-down U.S. securities firm that has turned itself into a bank holding company. Also among the banks, Wachovia climbed 4 percent after the Federal Reserve approved the $12.46 billion takeover of the U.S. bank... [read full story]
