Investors had a funny way of commemorating the first anniversary of the market’s bottom on Tuesday. They rewarded some of the stocks responsible for most of the problems in the first place.
Shares of Citigroup (C, Fortune 500), AIG (AIG, Fortune 500), Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), which all to varying degrees remain dependent on the federal government for support, surged Tuesday. AIG led the way with a more than 13 percent pop.
These four financial wards of the state were all rallying sharply again Wednesday morning, even though the broader market was only up slightly.