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NEW YORK- The Dow and S&P 500 gained on Tuesday on optimism that the Federal Reserve's latest rescue package could revive the sagging housing market and free up consumer lending.
The Dow had its first positive three-day run since late August, while the S&P rose three straight sessions for the first time since mid-September.
But the Nasdaq slid as technology stocks fell on more immediate concerns that demand may be weakening after bellwether Cisco Systems said it will close most of its operations in the United States and Canada for five days in an effort to cut costs.
Under the Fed's latest plan, the U.S. central bank will buy billions of dollars worth of debt and mortgage-backed securities to increase the flow of credit for mortgages, student loans, car loans and credit cards.
The Fed's move to generate consumer lending lifted financial stocks, with JPMorgan up nearly 8 percent at $29.77, and those of retailers, with Wal-Mart Stores, up 3.6 percent at $54.68.
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