So, Silvio Berlusconi is stepping down.First, the scoreboard:
Dow: +101.8 pts, +0.7%
S&P 500: +14.8 pts, +1.2%
NASDAQ: +32.2 pts, +1.3%
And now, the top stories:
- Silvio Berlusconi is on his way out. He even confirmed it on his Facebook page. Earlier today, Berlusconi won a procedural parliamentary vote, but without an absolute majority. This called into question his control over his own government. Anyways, it’s unclear who will be replacing Berlusconi. But the markets seem to think anyone can do a better job than him. Don’t Miss How Italy Got To Be The Country That Everyone’s Freaking Out About >
- Meanwhile, Greece is scrambling to get its house in order. Greek leaders are in the process of forming a new national unity government and appointing a new Prime Minister to replace outgoing PM George Papandreou. At this point, it looks like the vacant post will be filled by former ECB VP Lukas Papademos. See The Similarities Between Greece and Italy >
- Even on this side of the pond, we can’t seem to find people for all of the job vacancies. The job openings and labour turnover summary (JOLTS) number came out today. Job openings climbed to 3.4 million in September, up from 3.1 million in August.
- Gold had a volatile session today, topping $1,800 an ounce briefly, then selling off on news that Berlusconi was steeping down. The yellow metal’s December futures contract settled at $1,799. Meanwhile, crude oil is quietly climbing to $100 per barrel.
- In stock news, McDonald’s reported that its arches were still golden. In October, global same-store sales grew 5.5%, beating the consensus estimate of 4.6%. However, the stock was one of the worst performers in the Dow Jones Industrial Average, decline 0.02%.
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