After a pretty hectic week, things ended pretty quietly.
But first, the scoreboard:
S&P 500: +2.59
And now the top stories:
- It was pretty quiet all around. After a lot of dramatic moves over the last several days, Asia didn’t do too much, though the mood is decidedly negative, and the more frontier-y markets, like Indonesia got hit really hard.
- Europe, on the other hand, is on fire. There’s no hard news, but stocks and the currencies had a great day. For whatever reason, the fears over sovereign debt just aren’t that intense right now. Go figure.
- In the US we got two big earnings reports in the morning. GE’s were excellent and the stock had a huge day (helped in part by Obama’s appointment of Jeff Immelt as his jobs czar). Bank of America, on the other hand, were weak after ho-hum earnings.
- The big losers today: big tech. Google fell. Apple fell. Netflix fell. The big rare earth name MolyCorp got hammered.
- And again, the big story is the dollar getting hammered, and the euro rallying, which is taking out sceptics left and right.
- For more on the stresses facing Bank of America, see Chris Whalen’s presentation here >