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hurtling the Dow Jones industrials up nearly 500 points.

Citigroup Inc. jumped 19.5 percent, and Bank of America Corp. added 26 percent.

Even banks seen as being on better footing posted big advances. JPMorgan Chase & Co. rose 25 percent, while Wells Fargo & Co. rose 24 percent.

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The Obama administration unveiled its long-awaited plan to remove toxic assets from the books of the nation's banks, betting that it can revive the U.S. financial system without resorting to outright nationalization.