STOCKS, EARNINGS, ECONOMY, REAL ESTATE, BANKS Stocks pulled off modest gains Friday as enthusiasm for some better-than-expected economic reports outshined a warning from S&P of a possible downgrade on Fannie Mae and Freddie Mac. The Dow Jones Industrial Average rose about 20 points, or 0.2 percent, while the S&P 500 index gained 0.4 percent and the Nasdaq advanced 1.3 percent. Standard & Poor's warned it may cut its ratings on subordinated debt and preferred stock of Fannie Mae and Freddie Mac , citing concerns that the government rescue of the mortgage-finance giants may subordinate their debt. In economic news, consumer sentiment improved in July from the prior month, when sentiment was at the lowest since in the early 1980s, helped by the tax-rebate checks. Reuters and the University of Michigan said their gauge of...
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