Photo: Pawel Loj via Flickr
Ok, so we can put to bed any talk that the bull market is dead. Even in the presence of bad news, stocks do just fine. And there was actually a lot of bad news today!But first, the scoreboard:
S&P 500: +11.92
And now the top stories:
- Fukushima continues to fade from the market’s consciousness, but the crisis isn’t over. TEPCO shares got crushed last night, as new reports indicate that it will be a long haul until the situation is fixed.
- “The day after” in Portugal (which rejected austerity yesterday) turned out to not be that big of a deal. Yields widened a bit, but it wasn’t radical. The euro actually had a big day.
- The situation in LIbya remains basically the same, although it seems like President Saleh is going to step down in Yemen.
- The US got some pretty ugly news on the durable goods front, but the market didn’t care. Initial jobless claims were a meh, not too dramatic either way. Earnings from Best Buy looked good at first, but the market ended up crushing the stock, as the outlook ended up being pretty poor. All in all, there was enough domestic news for stocks to slide. But they didn’t!
- Going away from stocks for a moment, it was a pretty weak day for commodities. Gold and silver slide. Oil ended down. So did copper (which has had a good run, lately).
- Click here for a guide to the 15 biggest economies, and the risks they currently face >