Stocks Surge, As Bulls Run Up The Score: Here's What You Need To Know

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Photo: AP

What happened today? Nothing really. But stocks did break above the pre-Lehman close, as the bulls are now just running up the score. It’s almost bad sportsmanship.But first, the scoreboard:

Dow: +54.16
NASDAQ: +16.76
S&P 500: +7.45

And now the top stories of the day:

  • It’s so quiet, there really just weren’t that many stories. The party kind of got going last night after the Chinese Vice Premier made some cryptic comments about China taking steps to support the euro. The euro initially surged on the news, though it ended up sagging, and ultimately sovereign spreads blew out some more.
  • But investors really can’t be bothered by such nuisances as a crisis in Europe. With stocks surging in Hong Kong and Shanghai, the tone was set for a big “risk on” day in the US. And with very little economic news happening here, stocks were happy to follow suit and hit brand new highs, cracking above the pre-Lehman levels.
  • The most interesting news that happened in the US was the release of 2010 Census data, which showed that several Congressional seats will be moved from blue to red states. That was basically expected.
  • On the tech front, shares of Netflix spiked after the FCC voted on a net neutrality framework. Also, Amazon gave out its first-ever numbers for the Kindle (they’ll sell 8 million this year).
  • Meanwhile, for some depressing reading here’s a look at 16 major cities facing budgetary crises >

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