STOCKS FINALLY RALLY, BUT BANKS GET HAMMERED: Here's What You Need To Know

Arm Wrestling

Photo: Wikimedia Commons

There’s still no Greek bailout, but given the overwhelming concern last week that this could be a “Lehman Weekend” the fact that we didn’t get one may have been enough to give stocks a lift.But first, the scoreboard:

Dow: +74.29
NASDAQ: +12.27
S&P 500: +6.55

And now, the top stories:

  • Obviously the big story is Greece. There actually weren’t many new developments today. Over the weekend, Euro Finance Ministers failed to secure a deal, but everyone is really focused on the internal Greek votes, and the question of whether Greece can pass the austerity measures needed to receive cash. On a related note, check out this bombshell interview with the Belgian finance minister Didier Reynder >
  • Generally though, stocks were lower across the board in the early going. Shanghai fell, and all European markets were down. Peripheral credit wasn’t really going anywhere, up or down. US futures were down in the early going.
  • There was no notable Economic or earnings data in the early going in the US.
  • Basically, stocks went higher early on, and took the victory for the wire, with nary a stumble along the way.
  • That being said, there were some notable pockets of weakness. Apple (!) continues to be a major laggard. Google fell too. Banks continue to look really ugly. Citigroup slashes estimates for Goldman Sachs and Morgan Stanley, causing them to be particularly weak. Also, the carnage continues for LinkedIn, which at one point today was around 60, or about half of its first-day peak. Big Chinese tech (Sina, Yoku) both fell, as Sino-Forest fell after a negative report from a Canadian newspaper.
  • Also of note: It was incredibly light day for equity volume.
  • The big action is yet to come this week: Tomorrow we get the Greek confidence vote, and Wednesday comes Bernanke.
  • On a related note: Click here to see a history of bear markets >

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