Photo: Aprille via Flickr
Another day of misery for any bears, shorts, doubters, etc.First the scoreboard:
S&P 500: +4.04
And now the top stories:
- Things were pretty quiet in Asia. Stocks were generally higher. The Nikkei is at a 9.5 month high, after being one of last year’s worst performers.
- Moving right along, Europe was up nicely as well. What’s interesting is what’s going on Portugal, where yields are at all time highs, and there’s talk of the Germans trying to force a bailout sooner rather than later.
- Geopolitical concerns in the Mideast dominated the early morning talk. Some horrific images are coming out of the Bahrain protests. There were more rumours about Iranian warships in the Suez Canal. None of those things had any big impact on any market.
- US futures were down early, especially the NASDAQ thanks to last night’s depressing news about Steve Jobs, which dragged down Apple. Then at 8:30 we got the big economic data dump, and it was all fine. CPI was tame, and that’s all you need to know. Initial jobless claims came in right in line with expectations.
- Later in the day we got that blistering Philly Fed Index report. Some people suggested that, perhaps, the surging prices paid component was a big red flag, but we debunked that pretty good right here.
- And that was basically all she wrote. The Russell 2000 small caps index had a great day. Gold had a decent day. Silver had a ridiculously good day. Also, cotton!
- For a depressing look at world demographic shifts that don’t favour the US, click here >