STOCK RALLY PICKS UP SPEED: Here's What You Need To Know

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The rally picked up speed thanks to no bad headlines out of Europe.But first, the scoreboard:

Dow: +252
NASDAQ: +82
S&P 500: +33

And now, the top stories:

  • Shanghai was the only major market in the red thanks to new reserve requirements for banks. The rest of the world rallied strongly on a few decent headlines. Bernanke gave markets a pep talk on Friday. Trichet talked about his willingness to intervene on Saturday, followed by unsourced reports of a radical plan to save Europe’s banks. Finally two big Greek banks announced a merger.
  • The U.S. received a mixed batch of data, as personal spending beat expectations and pending home sales missed expectations. But the Bulls won the day, with a big open and a rally through the day. Gold fell around 1%, while Oil futures climbed over 2%. The Global Dow is up over 5% from August lows.
  • Tropical Storm Irene caused serious flooding in Upstate New York and Vermont. On the whole, estimated damage was lower than expected for the storm, especially in New York City. Now get ready for Hurricane Katia, which is forming now over the Atlantic.
  • The U.S. Open started today. Check out the most outrageous outfits in tournament history >

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