Stocks Rise Again, Shocking Everyone: Here's What You Need To Know

riots egypt

Photo: AP

But what about Egypt and surging oil prices, and the beginning of the correction? That can be saved for another time.But first, the scoreboard:

S&P 500:

And now, the top stories:

  • Well obviously “today” started last week when Egypt began to riot, setting the stage Friday’s carnage, and a weekend of more rioting/protesting. Initially this set a grim mood for today’s action. The euro and the aussie immediately sold off in early trading, and generally Asian markets (with the exception of Shanghai) had a rough day.
  • But as the early morning ticked away, Friday’s bloodshed became a more and more distant memory. Early on gold started giving back gains, the dollar fell, and stocks began to rise.
  • In terms of econ data, there wasn’t too much that wasn’t too market-moving. Personal Income & Spending came in right in line. Chicago PMI came in strong. Dallas Fed Manufacturing was up, but a bit weaker than expected.  Later in the day, the new Senior Loan Officers survey confirmed the trend: more loosening of standards, but still pretty anemic.
  • The story is still Egypt, Egypt, and more Egypt. It was blamed for a second day of big gains in the oil market, but there’s clearly a hope that somehow it will abate without a total tailspin, or at least not much of a spillover into other regional markets. Somewhat surprisingly, the Egypt ETF (EGPT) spiked today (despite the fact that the actual Cairo exchange is closed, and nobody knows when it will open).
  • Tomorrow is expected to be a huge day for the revolution, as protestors are calling for a nation-wide “Million Man March.”
  • Another thing to watch: Another monster cyclone is barreling its way towards Australia, bringing with it attendant havoc. Click here for pictures of the current flood >

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