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Sure stocks closed “mixed” but really, the bears should have done a lot better. Poor showing.Here’s the scoreboard:
S&P 500: -1.12
And now the top stories:
- The first big news event of the day was the China trade surplus numbers that showed a surprise drop. After having traded up earlier in the day, Shanghai ended sharply lower.
- Meanwhile the carnage in emerging markets continues: There was a stunning 9% selloff in Bangladesh that led to riots. India and Indonesia also both had horrible nights as inflation fears continue. Click here for a guide to emerging market inflation >
- In Europe stock markets fell, but the real story was on (what else) the debt side: Portuguese and Spanish yields blew out again (although Portuguese yields ended up coming in sharply after the ECB stepped into the secondary market). Both countries have big long-term debt auctions coming up this week.
- A day ahead of the big Verizon/iPhone news, both Verizon and AT&T shares slide, while Apple’s continue to power higher.
- In the US us futures were down all morning, and that’s been the case for most of the day. There was never much movement, though bulls did gain late in the day, with the NASDAQ going green eventually.
- Generally speaking it was quiet on the macro front. Gold gained a little. Oil gained a little, though nothing dramatic in light of the Alaska pipeline spill.
- Meanwhile, after a weekend of digesting last weekend’s Ibanez news, financials generally slid, although Bank of America did end higher. Click here to see Chris Whalen’s presentation on why 2011 will be horrible for the banks >
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