After four straight days of decline, stocks finally turned around.
But first, the scoreboard:
S&P 500: +0.25
And now the top stories:
- Things got off to a quiet start today. After several days of losses, Japan finally rallied. There wasn’t too much new on the corporate or Fukushima front.
- The Shanghai Composite also, quietly, had a pretty big night. One story that might be worth watching is Fitch’s China downgrade.
- Europe: Kind of a snooze. Stocks rallied.
- In the US, there was a lot of anticipation of the President’s big debt speech. It didn’t appear to move markets much. Yesterday it looked as though, perhaps, the budget deal might be coming unglued, but there didn’t seem to be much movement on that. If it helps anything, Rush Limbaugh didn’t slam the deal on his radio program today.
- There was a bit of economic news in the US. Retail spending in March was so-so. It was decent on core spending, though the headline was a bit less than expectations. Also in the pre-market, JPMorgan came out with meh earnings.
- In the middle of the day, stocks declined, but then they turned around. There was very little activity on the commodities front. At 2:00 PM the Beige Book came out and it was pretty solid.
- Among the big losers though: defence stocks like Level-3 and Lockheed-Martin, as Obama announced plans to cut defence spending.
- Regarding the President’s debt plan, here are the details.
- For a great macro look at the economy, see Jeff Gundlach’s latest presentation here >