Broken record alert.But first, the scoreboard:
S&P 500: +7.71
And now, the top stories:
- So the Egypt story is fading, and that would make for a nice excuse for the rally, except for the fact that the crisis never had much of a negative effect on anything, so that really doesn’t make any sense. Oil continued to dive, however, as the fear premium gets let out.
- There really wasn’t much economic news anywhere today. Asia is still quiet thanks to the New Year. In Europe there was very little of anything, and so stocks just drifted higher — as they do — in the vacuum.
- By far the biggest financial event was Christina Aguilera’s singing of the National Anthem, and the controversy surrounding some of the related prop bets.
- So stocks rose, and not only did they rise, but small-cap, high beta, cyclical stocks had a huge day, which helps put to bed some of those “stealth selloff” fears.
- Beyond that, the big news of the day was that AOL is buying Huffington Post. There’s also more battling at The St. Joe.
- In terms of this week’s calendar, expect a huge week on the South American inflation front. Read more on that here >
- And see here for Bruce Berkowitz’s slam on David Einhorn >