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Wow! Stocks didn’t surge:But first, the scoreboard:
S&P 500: -2.42
And now, the top stories:
- To start, yes the twin crises got worse today. Here’s an update on Libya and here’s an update on Japan. Nobody seems to care about either for the moment.
- There were a lot of fireworks in Europe. Portugal is basically toast. 2-year yields exploded higher right off the bat, and just got worse throughout the day. Later on in the day the Irish stress test results came out, and they showed potentially horrible holes in the Irish banking system, though that was expected.
- There was a lot of economic news in the US, the big event being the USDA crop report that came out at 8:30. The once-per-year planting intentions report showed that expected acreage for the year will be on the light side, and that caused commodity prices to explode higher. Also at 8:30 we got a fairly in-line initial claims report. Factory orders for February came in much weaker than expected. Later in the day, some local manufacturing surveys came out and looked good. But really, it was all about the USDA.
- On the corporate side of things, a big notable call came out of Morgan Stanley, which issued a massive upgrade of Tesla, sending the stock surging. On the flipside, there was some chatter about Citi’s downgrade of OpenTable, though nobody seemed to care very much.
- In other news, WTI oil hit a new high above $106 today.
- The most embarrassing news of the day came from the Fed, which released some secret details from the bailout in the least transparent way imaginable >
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