Roller Coaster

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Another explosive movement for stocks, this time upward.But first, the scoreboard:

Dow: +423


S&P: +52

[Note: This Closing Bell was delayed due to technical difficulties.]

And now, the top stories:

  • Another wild day in Europe. BNP Paribas and other French bank stocks started up as much as 6%, lifting markets in Europe and Asia. Then rumours about Greek exposure hit the wire and BNP led the sector with a 7% move into the red, dragging markets down. Finally after reassuring words from the Bank of France and (worrying?) moves to ban short selling, everything rebounded.
  • US futures moved solidly positive after a moderate beat on initial claims, with the number dropping to the lowest level since April. Meanwhile the trade deficit widened to $53 billion from $51 billion, disappointing expectations that it would narrow.
  • US markets opened up 100 points and moved higher through the day, though everyone was on edge following a period of insane volatility. For a little perspective, the Dow is up 500 today, down 520 yesterday, up 429 Tuesday, down 632 Monday, huge swings on Friday and down 512 Thursday. Add it up and we’ve still erased eight months of gains.
  • Everyone is getting ready for the big Republican debate tonight in Iowa, before Saturday’s Ames Straw Poll. We’ll be covering it live at 9.
  • Today’s most bizarre story was the $50 million lawsuit filed against George Soros by his 28-year-old Brazilian ex-girlfriend for reneging on a promise to give her an apartment. See what happened when the then-22-year-old celebrity met the then-septigenarian investor >
  • One bright spot on the horizon: 10 Guesses About What The iPhone 5 Will Look Like >