STOCKS MAKE BIG COMEBACK, BUT EUROPE FEARS ARE BACK: Here's What You Need To Know

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Photo: edenpictures on flickr

Two up days in a row! (Barely).But first, the scoreboard:

Dow: +14.16
NASDAQ: -1.30
S&P 500: +0.11

And now, the top stories:

  • Headline-wise, the the last day was dominated by budget news, but perhaps we may get a brief reprieve from that. The House passed last week’s budget deal, though really the market never seemed to care.
  • The overnight session in Asia was pretty quiet.
  • The big tension of the day was in Europe, where spreads were blowing out all over the place again on all the big default fears, especially in Greece. Amazingly, we’re coming on a one-year anniversary of some of this stuff, and yet hear we are, with 10-year yields over 13%. Citi had a good explainer of the whole thing here >
  • Stocks were down in the early going. Then at 8:30 we got a pretty bad weekly claims report (above 400k). The PPI was kind of a snooze.
  • It was looking like a down day all day until the final couple hours. A good number from the LA Ports might have cancelled out some of the concerns from earlier this week about anemic exports.
  • In terms of corporate news, there’s a lot of interest, obviously, in Google’s earnings after the bell (Update: They’re out, and they’re kind of mediocre looking). RIMM shares tanked after really horrendous reviews for the PlayBook (its iPad competitor). Financial stocks dived following a rough report from a Senate Committee on Goldman, as well as a downgrade of the sector from Goldman Sachs. Several positive analyst reports on JPMorgan (following its earnings) didn’t help that much.
  • Click here to see the 10 housing markets most at risk of collapse >
  • For live coverage of Google earnings click here >

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