Photo: Paul-W on flickr
Stocks snapped back after a six-day losing streak.But first, the scoreboard:
S&P 500: +9.44
And now the top stories:
- Asia had a generally positive night on little news.
- In Europe the ECB didn’t move rates, but Trichet said the words “vigilant” indicating a rate hike next month. Meanwhile bad Greek GDP data and the leak of a Troika report to Der Spiegel caused Greek yields to surge.
- In the US, trade data was a bit better than expected and initial jobless claims were a bit worse. Then there was a big snapback rally after six days of losses. Interestingly the dollar bounced, contradicting the correlation between the weak dollar and the rally. Commodities rallied too, especially corn, after the USDA WASDE report.
- There were bearish reports on housing, including comments from Robert Shiller that home prices could easily drop another 25%. Also the Fed Flow of Funds showed that $6.6 trillion in housing value has been destroyed since peak. Check out 17 cities where home prices are crashing >
- Late in the day, the Newt Gingrich campaign was shook up by the resignation of most of his senior staff. Aides cited differences over the direction of his campaign. The Tiffany’s debt fiasco and his attack on the Paul Ryan medicare plan didn’t help either.
- How’s Obama doing? Check out an exclusive tour of the White House executive offices >
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