Reuters out front on Fed's bank plans, stocks jump

Reuters beat the opposition with key market-moving snaps from Federal Reserve Chairman Ben Bernanke on two consecutive days. U.S. stocks rose more than 3 percent on Feb. 24, snapping back from 12-year lows, as Bernanke eased fears of bank nationalization by saying the significant value built up in banks would be lost if the government seized control. Bloomberg missed Bernankes potent comment on the franchise value` of U.S. banks. A day later, Reuters was nearly two-and-a-half minutes ahead to report that the government did not plan anything like nationalization for Citigroup, sending its shares up nearly 3 percent from a 4 percent decline before the news. The broader market also cut losses, although it ended the day in the red.