But first, the scoreboard:
S&P 500: +13.97
And now, the top stories:
- Markets have made an unbelievable spike over the last 8 trading sessions. Less than two weeks ago everyone was fretting about double dip and disaster, and now the big indices are with in a breath of brand new highs for the year. Truly stunning, and truly idiot-making.
- Early on most markets were a bit higher, even as deterioration continued in key European peripheral markets, such as Portuguese yields and Italian banks.
- Then between 7:00 AM ET and 8:30 AM ET there was a flurry of news: The BOE’s non-decision on rates, the ECB’s 25 basis point rate hike, the super-strong ADP report, the decent initial claims report, and the Trichet press conference, where he didn’t hint at imminent tightening. You can see the full roundup of that here >
- In the background, was growing optimism all morning about a debt ceiling deal coming true.
- Add it all up, shake it together, and you get the boom we got today – a real wire to wire win for the bulls.
- Next up: The Non-Farm payrolls report tomorrow.
- Want some long-term thinking? Check out SocGen’s guide to the future of the world >