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Well of course stocks (mostly) rose again.First, the scoreboard:
S&P 500: +3.00
And now, the top stories:
- The “day” started last Friday, when Egyptian President Hosni Mubarak resigned, momentarily (at least) ending a very tense and volatile situation.
- In Asia, quite simply, stocks had a huge day. Both India and China had gains of over 2% on the night, with the former clawing back a serious chunk of its losses.
- Conversely the eurozone had a shaky day, with major German lender WestLB failing to establish a restructuring, and talk of more political turmoil in Germany. The euro got shredded.
- In the US there really wasn’t that much news, both on the macro front. Obama unveiled his huge budget proposal, which obviously won’t pass the House, doesn’t slice any sacred cows, and ultimately does very little on the deficit front. But nobody cared.
- Among the names that had a big day was Netflix, which gained on news that it’s partnering with Qualcomm to bring streaming services to Android devices. Green Mountain Coffee Roasters surged on talk of a partnership with Starbucks. Oil, meanwhile, got hammered.
- On the commodity front, the ags were sharply lower today. As was oil. Others, like copper, were higher on robust demand from China.
- Click here for Morgan Stanley’s look at 3 huge risks facing the market >