Radiation in the Tokyo drinking water? Governmental collapse in Portugal? Snooze.But first, the scoreboard
S&P 500: +3.81
- Remember the Fukushima crisis? Basically nobody cares about it anymore. Same with Libya. We thought that the story about high radiation levels in the Tokyo drinking water would get people spooked again. Didn’t happen. Nobody really cared.
- Japan fell overnight, and the markets were generally negative in the early going. There was a lot of trepidation about the big Portugal austerity vote and indeed spreads blew out across the Eurozone, but in terms of market impact in the US, it was non-existent.
- Stocks turned around in the early going, and totally shrugged off a disastrous new home sales report. In fact, homebuilders ended up quite nicely. It seems Goldman was vindicated in its call that ugly housing numbers no longer had the ability to disappoint investors.
- Also in the morning, there was an explosion in Jerusalem in a bus. Gold briefly surged.
- And that was basically it. There was an interesting Treasury blog post about possible repatriation of foreign earnings.
- Want to learn more about that Greek yogurt all the ladies in your office are eating? See here >