Boy, we’ve been writing a lot of “stocks tank” headlines lately. It feels weird!But first, the scoreboard:
And now the top stories:
- The big story continues to be Libya. The bottom line is that it’s not getting resolved, it would seem, anytime soon. There were totally baseless rumours about Qaddafi leaving. What is real is that Obama ratcheted up the NATO action rhetoric big time.
- In terms of markets, it was another day to make Euro bears pull their hair out. Greece was downgraded, Portuguese yields surged, and yet… the euro rallied above $1.40.
- Also up big: two forms of money that aren’t the dollar known as silver and gold.
- There wasn’t too much economic news on the day. In the evening we got a generally positive consumer credit report from the Fed.
- In the end, markets slide, but not by as much (not nearly) as they were down earlier in the day, when the NASDAQ was off 2%. That being said, the NASDAQ was still the big loser, in part due to major weakness in the chip space.
- Meanwhile, the muni market is gearing up for higher volume of issuance. Click here for Roubini’s guide to the situation >