Bank of America's life-line to help Countrywide Financial Corp. shore up its finances has sent shares of the mortgage lender up 8 per cent to $23.52 (U.S.) in early trading on Thursday. Riding the positive sentiment is Accredited Home Lenders Holding Co., up 2.3 per cent to $6.24. Among U.S. investment banks, Goldman Sachs and Merrill Lynch are fractionally higher, with Bank of America down 11 cents to $51.54. Investment newsletter writer Dennis Gartman says that in the long-run, he isn't confident that the BoA investment will save Countrywide from itself, "but in the short-run, certainly it shall do much to bolster psychology."
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