STOCKS SOAR, BEARS CRUSHED: Here's What You Need To Know

Blind Bear

Nothing too special, just your garden variety bear-drubbing.

But first, the scoreboard:

Dow: 81.97
NASDAQ: +19.12
S&P 500: 11.1

And now, the top stories:

  • Finally India staunched its bleeding. Ever tanking hard in recent days, the SENSEX had a strong day. And after its 15% gain on Tuesday, Bangladesh tacked on another 2%+. China and Hong Kong gained as well on not much news.
  • Europe was where the party really got started. Stocks were rallying since the start of the day, and a strong Portuguese debt auction sent equities surging. Bank stocks did very well, and the euro also surged (finally). Yes, ECB and China both had a lot to do with the strong auction, but nobody seemed to mind that fact. Good times.
  • That party continued in the US where US equities pushed noticeably higher going into the opening bell.
  • There really wasn’t all that much macro news. Import prices basically rose as expected. The Beige Book was positive, but not in any way that would move markets.
  • A few stocks made notable moves today. Lululemon surged on the back of strong earnings. Zales reported strong holiday sales and the stock went nuts. Click here to see why investors are going Lululemon crazy right now >
  • Once again financials had a great day with JPMorgan, Goldman Sachs, and Bank of America all gaining.
  • Gold was down early in the day, but ended up turning around nicely.
  • And the dollar got drubbed. In many ways it was a classically “risk on” kind of day, the likes of which we haven’t really seen in a while.
  • Meanwhile a big story continues to be food inflation. Check out pictures of riots happening in Tunisia right now >

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