Wall Street rallied Monday as investors rushed to lay bets on a broad economic recovery following a U.S. government takeover of Fannie Mae and Freddie Mac.

Washington Mutual is ousting Chief Executive Kerry Killinger as the beleaguered savings and loan moves to overhaul its business, which has been ravaged by sour mortgage loans.

Hurricane Ike roared across Cuba on Monday, tearing off roofs and sending waves crashing into buildings, as 900,000 Cubans fled to shelters or higher ground and Havana residents in decaying historic buildings prepared for a direct hit.