Someone call the authorities! Stocks actually fell! (Well, except for the Dow, which made an amazing comeback.)But first, the scoreboard:
S&P 500: -4.57
And now, the top stories:
- Today global markets welcomed China back to the game after its long, extended break for the Lunar New Year. Coming one day after the “surprise” rate hike, stocks slid about 1%. India, naturally, fell even harder.
- The big news of the day happened right before 6:00 AM ET, when it emerged that Bundesbank chief Axel Weber would not seek to replace current ECB chief Jean-Claude Trichet. Initially the euro dived on the news that an uber-hawk would not takeover come October, but in fact the news was euro-bullish, since it just meant that the next ECB chief would be one who was not viciously anti-bailout. Not long after sliding, the euro rose.
- In all seriousness, that was about it for news today. Sure, Bernanke spoke in front of Congress today, and said absolutely nothing new at all, and people should probably not try to pretend there was anything significant to it.
- Oh, there was one thing. The USDA crop report came out, and corn prices went nuts.
- As for some company-specific news, Julian Assange is apparently admitting that he doesn’t have damaging goods on a bank, and HP revealed its new touch device. Of course, Apple shares ended higher, so it doesn’t seem like everyone thinks this is an iPad killer. Watch for Cisco earnings after the bell. And there’s going to be a merger of The New York Stock Exchange and the Deutsche Boerse. It’s not official yet, but it sent shares of the New York Stock Exchange up 13%.
- But in the end, yes, it actually happened. Stocks fell, the dollar fell, and food prices went wild. It’s a miracle.
- Click here to see 10 reasons it’s soul-crushingly difficult to find a job these days >
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