STOCKS MAKE STUNNING COMEBACK: Here's What You Need To Know

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Photo: Sarah Bartell

It was an amazing comback, and then Mubarak Spoke and shocked everyone by saying he wouldn’t step down. And that didn’t matter. Stocks couldn’t even move down on that.But first, the scoreboard:

Dow: -11
NASDAQ: +1.38
S&P 500: +0.95

And now the top stories:

  • The day really started yesterday evening when both Cisco and Akamai reported mediocre earnings after the bell. Both stocks tanked hard. NASDAQ futures dove immediately. Here’s the most worrisome thing that Cisco said on its conference call >
  • In Asia the news was somewhat quiet. Hong Kong slid. India got hammered again, and is now down a shocking 14.9% just year to date!
  • Then, early in the morning, there was a weird (and seemingly false) rumour about the Saudi King Abdullah passing away. That initially gave a little bit of a lift to oil, but it didn’t last that long. Still though, following on the bad tech news from last night, stocks sank further into the red.
  • Meanwhile, in Europe, things were pretty ugly as well. Periphery spreads continued to widen despite the ECB getting in the market buying Portuguese debt. 
  • Things were down pretty notably in the morning, though at 8:30 we got a very good initial claims report for the last week. That didn’t initially give stocks much of a lift.
  • Meanwhile, Tahrir Square was as packed as it ever was today.
  • Two companies that didn’t do well today were Apple and Verizon, as lines for buyers of the new Verizon iPhone were seemingly lower than some had anticipated.
  • Click here to see 20 shocking economic facts >

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