Photo: jenie212 on flickr
Risk on! Everything up!But first, the scoreboard:
S&P 500: +10.50
And now, the top stories:
- Remember the commodity crash? That’s quickly looking like a real rear-window event, as all the big names like silver, oil, and gold continue to reflate. That started yesterday, and continued through the night and through today. Oil is close to $104 again — a $10/barrel jump in just a couple days — and silver is above $38.50. All other commodities were up too.
- Asia got the day off to a strong start. China erased all doubts about its trade situation with a gigantic, unexpected surplus that will get the yuan revaluation talk raging again.
- In the very early hours, Europe was sent into a tizzy with rumours about a new bailout for Greece. They were basically denied, but tons is happening right now across the continent. Ireland made headlines with a plan to tax private pensions to pay for a jobs program. Click here for a full guide to Europe’s wild day.
- In the US, there wasn’t too much economic news. Import prices came in hot, but at this point, the deflation story is hardly anything new.
- The big corporate news of the day was — without a doubt — Microsoft buying Skype, a reminder that these ageing tech giants are sitting on huge cash piles just waiting to be fired off. Google also announced a new music service to compete with Amazon’s music locker. Goldman gave more details on its blistering first quarter of trading, and Dean Foods smashed earnings, handing another big win to David Tepper.
- Meanwhile, it was revealed that Bill Gross — despite the Treasury rally — actually upped his shorts against US debt. Coming after the big John Boehner speech on the debt ceiling, the US fiscal situation continues to be a huge topic for everyone.
- Click here to see notes from John Paulson’s speech at a big conference >
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