Tech Stocks Crushed, Gold Tanks, And The Dollar Gets Hammered: Here's What You Need To Know

Chinese Head Hammer

After a pretty hectic week, things ended pretty quietly.

But first, the scoreboard:

Dow: +47.49
NASDAQ: -15.09
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 >

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