Photo: John Curnow via flickr
Jaw dropper.But first, the scoreboard:
S&P 500: +18.69
And now, the top stories:
- This week was all about the parting of clouds. Head into it, people were extremely worried about Greece and the economy. By the end of the week, Greece basically had its bailout in hand, and the economy showed signs of a pulse.
- Today specifically, markets continued an unbelievable 5-day run, as stocks turned in their best week since July 2009. Everything surged. Even financials had a huge day. Citigroup rallied over 3%.
- In terms of data, it was PMI day today, and most countries actually reported disappointing numbers… except the US. And not only was the ISM strong in the US, the prices-paid index fell more than expected, so it was a double good report in terms of showing economic health. Stocks immediately went vertical on the news.
- Perhaps most impressively is how well equities outpaced commodities (wealth effect!). Gold and silver declined. Oil had a decent week, but did not participate in today’s fun. And of course, Treasuries got totally clobbered this week. Some will attribute that to the end of QE2, but obviously it’s a natural extension of the big “risk on” move. Click here for a guide to what happened during QE2 >
- It was fairly quiet in terms of corporate news, as earnings season is days away from beginning. Both GM and Ford rallied after reporting auto sales, though neither were all that exciting. Ford said that June was one of its best months in years for truck sales, so that augurs well for the economy. Click here to see a little sneak peak at earning season >
- Anyway, there’s a lot to worry about in the world, but that can be saved until July 5, or July 4 if you’re not in the US.
- Meanwhile, check out the 20 cities where home prices are still plunging >