Photo: Associated Press
First, the scoreboard:DJIA: Up 405 points to 10,785, up 3.9%
NASDAQ: Up 109 points to 2375, up 4.81%
S&P 500: Up 48.84 points to 1160, up 4.4%
Oil: Up 3.01% or $2.26 to $77.37 a barrel.
Gold: Down 0.44% or $5.30 to $1201.70 an ounce.
Silver: Down 0.46% or $0.09 to $18.49 an ounce.
Now here’s what you need to know before you leave the office:
- The SEC has had discussions with six of the chairmen of the biggest exchanges, including NASDAQ and the NYSE, about strengthening circuit breakers in the wake of last Thursday’s abnormal trading activity.
- Ratings agency Moody’s has come under increasing pressure for not revealing a “Wells Notice” the company received, and for its CEO selling shares the day of its arrival. Warren Buffett is also under pressure for selling shares in the same time period.
- Britain’s hung parliament negotiations have been rocked by the announcement that Gordon Brown is resigning as Prime Minister. This has opened up the path to talks between the Liberal Democrats and Labour Party, and left the Conservatives on the outside of government looking in. See how to play the UK’s politics here >
- The ECB’s actions to support European markets have pushed up the continent’s indices and powered is financials to big gains. See who would have been rocked if the ECB didn’t step in here >
- Fannie Mae is in need of $8.4 billion in additional government support in the wake of an $11.5 billion loss in Q1 2010. This is the GSE’s 12th consecutive quarterly loss. Check out how to play the awful housing market here >
- AOL has gone through a massive overhaul of its top management, removing several key figures and replacing others. New hires come from Google and Microsoft. See the other Googlers now running AOL >