After a turbulent week of trading, ‘flat’ was the new ‘up’ on a relatively quiet day for news.
But first, here’s the scoreboard:
S&P 500: +27.6
And now the top stories:
- Last night’s Asian market selloff, led by the 5.7% plunge in the Kospi, set the stage for another global market sell off.
- US markets were indicated to open sharply lower as new worries of a Greek debt default freaked out the European stock markets again, which also caused US futures to tumble.
- The G20 pledged to help avert an all out European debt crisis in an unscheduled statement. But that went in one ear and out the other.
- The risk-off trade was kicked into high gear as the dollar gained and the 10-year Treasury note briefly saw a 1.6% handle.
- However, the early sell-off in US stocks quickly evaporated in early trading and stocks oscillated near 0 for most of the day. European markets closed with modest gains.
- Bank stocks were an area of strength today led by Morgan Stanley. Fox’s Charlie Gasparino reported that Morgan CEO James Gorman “ordered his traders to buy the firm’s own debt in the market to underscore the firm’s financial strength.” Morgan Stanley closed up by around 5%.
- Precious metals on the other hand got absolutely obliterated. Gold plunged by 6%. Silver got absolutely destroyed, falling 16%.
- Markets seemed to gain some confidence after Bloomberg reported that European authorities may be accelerating a permanent European bail out fund.
- Click here for your A Quick Guide To Eurozone Government Debt Burdens >
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