The markets! All of the sudden they’re on fire!But first, the scoreboard:
S&P 500: +10.68
And now, the top stories:
- Obviously, Greece is the word, and as people have been suspecting for a few days now, the Parliament did ultimately pass the controversial austerity bill, with 155 votes out of 300 seats. Technically, there’s still a vote tomorrow on a law to implement the bill, and then there’s the inevitable failure of the austerity program. But for now, crisis delayed.
- Markets all around the world rallied, as did peripheral debt. (Asia also had a good night).
- Futures were up huge ahead of the vote, but then immediately afterwords, we got that classic “sell the news” moment. In fact, after being up some 3% earlier in the day, Athens stocks totally collapsed. Perhaps one reason for that is that there’s tons of chaos on the streets. The building housing the Ministry of Finance even caught fire.
- The news was pretty light in the US. The only data was pending home sales, which were surprisingly strong. There were some corporate movers of note. Visa and MasterCard surged after the Fed lifted the swipe fee cap. Several Chinese stocks, which have been getting beaten pretty hard, bounced back. And the banks bounced back hard, keying off of Bank of America’s mortgage settlement. Goldman Sachs finally had a Nice day. Along with the huge risk-on day, Treasuries got hammered again. The 10-year yield is back up to 3.12%.
- Meanwhile, Obama held a press conference mostly focusing on the debt ceiling. He didn’t make any news, except for the fact that there’s really no progress being made. Not surprisingly, along with the
- Click here to see the moment today when the market went haywire on a meaningless headline >
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