ANOTHER BLOCKBUSTER DAY FOR STOCKS: Here's What You Need To Know

Tomahawk Libya

Photo: Navy

Well, no new crises have broken out so stocks turned in their third big win in a row.But first, the scoreboard:

Dow: +175.47
NASDAQ: +47.61
S&P 500: +18.96

And now the top stories:

  • As has been the case for days, there are two stories that are omnipresent. The first is the Fukushima power plant, which is fading from the headlines, though the problem hasn’t been solved. They’re making progress on re-starting power, though radiation continues to turn up in nasty places. See more here >
  • And second, the Libya campaign was characterised by more air strikes, but not really new news. See more here >
  • Japan had the day off, but the “day” basically started yesterday afternoon when AT&T announced its mega-acquisition of T-Mobile. That alone gave the day a nice “Merger Monday” boost.
  • European markets had a very strong day in the early going, and the euro caught a huge bid in the afternoon when Trichet talked about more rate hikes, and the ability to solve the PIIGS debt woes.
  • In the US, there actually wasn’t to much news, though we did get an existing home sales number that was horrendous. Nobody really cared. There were a slew of analyst notes telling people to buy the dip (and everyone is buying the dip in Japan, helping to spur another big rally in the EWJ ETF).
  • Finally, all day there was another big geopolitical story. Military and diplomatic officials are quitting the Yemeni government en masse, leading some to think a coup is imminent. We shall see.
  • Click here to see a guide to the next Libya >

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