Photo: Wikimedia Commons
The see-saw market continues. After yesterday’s big fall, today we get a huge rally. And even a dollar rally!But first, the scoreboard:
S&P 500: +11.93
And now the top stories:
- First, let’s just touch on Libya. It continues to dominate headlines, but not much appears to be changing, assuming you ignore the occasional rumbling about talks to see Qaddafi leave. True or not, there’s clearly a lot of fighting happening.
- The really big story of the day was actually in Europe, which has been pretty quiet lately. Finally things are getting ugly, as a combination of heavy bond issuance and some hawkish comments from Axel Weber combined to cause a yield blowout, and a swift dropkick to the euro.
- Between the sliding euro, and the pullback in commodities (though one which saw oil hold up fairly well), the dollar finally had a really good day.
- Economic news was pretty slight, but the see-saw, back and forth market dictated that ever yesterday’s big fall, stocks had to surge. So they did. The big winner on the day was the Russell 2000 small cap index.
- Bucking the trend, by diving, was Netflix, which fell hard on Facebook’s plan to get into the streaming video business.
- Meanwhile, a quick touch on other events in the Mideast. Egypt had a very bad day, with stories of a big women’s protest being disrupted by men, and some clashes between Christians and Muslims. On the other hand, there are signs that the protest movement in other countries, like Bahrain and Saudi Arabia are losing some steam.
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