Another hilariously frustrating day for anyone bearish on this market.But first, the scoreboard:
S&P 500: +9.00
And now, the top stories:
- The two big crises in the world both got worse. Qaddafi re-took the city of Ras Lanuf, and has the momentum against the rebels (and thus the momentum against the US). And in Japan, the leak at the plant is worsening, as the CEO of TEPCO is confirmed to be in the hospital.
- But none of that bad news was bad for equities anywhere. Japan had a huge night. Europe had a huge day ahead of Irish stress test results (which are leaking) and US stocks had a nice end-to-end victory.
- The one big piece of economic news in the US was the ADP report, which was fine, but not exciting. It briefly sounded bad, but didn’t move the market at all.
- On the corporate side of things, it was fairly quiet. Apple’s estimates are starting to get cut thanks to rumours of an iPhone 5 delay. The stock bucked the trend, and slid modestly today. Google rolled out +1, which competes (in a way) with Facebook and Twitter.
- But in addition to the big stock rally, commodities had a good day. Silver was especially strong. So was natural gas, perhaps thanks to Obama’s big speech on the future of energy. Copper was suspiciously weak. Oil fell a little bit. For more on silver coin mania, see here >
- While the major indices remain just shy of their all-time highs, the small-cap Russell 2000 hit a brand new high. Long speculation.
- Speaking of silver, look who’s now a huge fan >
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