Photo: 3arabaway, CC licence
Was there some big economic news today? Was there chaos throughout the United States? Were there headlines suggesting that perhaps the Eurozone self-healing party might not be all that? Sure! Did the markets care? Heck no!But first, the scoreboard:
S&P 500: -4.11
And now the top stories:
- Well, obviously it’s all about Egypt too. Kind of. See, there’s a lot of Egypt news; it’s just not clear that anyone cares. The short version though: After some period of calm after Mubarak’s big speech yesterday, the pro-Mubarak forces came out and it was the first violent day of the whole thing.
- But the market isn’t too worried about any of this. Actually, that’s understating this. The market is oblivious to all this Yesterday US markets had a monster day. Then overseas markets returned the favour, as even Indian stocks had a good day (not to mention the rest of Asia).
- And for the most part the good vibes continued in Europe, where peripheral spreads continue to come in.
- Markets were pretty flattish going into the day, and well… they basically stayed flat the entire day wire to wire. Gold got clubbed a bit. The euro finally had a weak day, thanks to some comments that the robust Financial Stability Fund might not be as strong as some had hoped. You know, the Germans are talking again. But other than that, it was flat, flat, flat.
- As for economic news, the big one was ADP, which came in better than expected. And yet, because of the big “whiff” last month, nobody really cares all that much. The Challenger layoff report was also fine for January, but seriously nobody cared about that.
- Meanwhile, to give you a sense of how little people seemed to care about Egypt today, even the Egypt ETF was down less than 2%. Hilarious.
- Meanwhile, look here for the 16 profitable companies that pay the lowest in taxes >