Markets staged a big rally today on very little news.
But first, your numbers:
Dow: +259.3, 2.18%
S&P 500: +24, 1.94%
NASDAQ: +52.83, 1.97%
And now, the top stories:
- U.S. bond markets were closed today for Veterans Day. The time also struck 11:11:11 11/11/11 today, to Twitter fanfare.
- Asian markets closed mostly up after a slow start and a selloff yesterday. Analysts pointed to the onset of tightening liquidity conditions in China after it published a round of monetary statistics today. They also noted the first signs of easing.
- European markets rallied on the passage of a 2012 budget amendment in Italy that imposed new austerity measures and economic reforms on the country. Yields on 10-year sovereign bonds fell back to 6.49% after topping 7% earlier this week.
- The spread between French and German 10-year yields fell a whopping 11.25% today, after spiking sharply yesterday on a false announcement from Standard & Poor’s that the country’s debt had been downgraded to AA+. France and Germany are up in arms over the debacle.
- Surprisingly, Austria claimed the spotlight in Europe, with spreads between 10-year Austrian and German bonds widening over 10 bps during midday trading. However, that fear was short-lived and spreads actually tightened on the day.
- A war between Apple bears and bulls is developing, amid worrying signs that the company lacks the production capabilities to meet demand for the iPhone 4S. Share prices fell despite the rally.
- Michigan consumer sentiment beat expectations by a big margin, jumping to 64.2 rather than modest expectations of 61.3.
- MF Global fired nearly all its employees today. The company continues to cause a stir with regulators hard-pressed to find around $600 million in its missing cash, and now there are reports that every futures trading firm in the U.S. will be audited.
- Lucas Papademos was sworn in as the Prime Minister of Greece today.
- DON’T MISS: What People In China Really Think About The Chinese Economy >