First, the scoreboard:
DJIA: Up 149 points, or 1.38%, to 10,897
NASDAQ: Up 50 points, or 2.09%, to 2.425
S&P 500: Up 16 points, or 1.37%, to 1,172
Gold: Up $6.90, or 0.56%, to $1238.90
Oil: Down $1.05 , or 1.37%, to $75.32
Silver: Up $0.16, or 0.80%, to $19.52
Now here’s what you need to know before you leave the office:
- It has emerged that the SEC is investigating Deutsche Bank and Citigroup as well.
- Morgan Stanley stock lost over 2% today as a result of this morning’s story about the criminal investigation of the firm. Global financials, however, were stronger today with industry ETFs gaining.
- The gold trade is now clearly crowded with $2.3 billion moving into the market over the last 6 trading days. Gold is now approaching $1250. Check out the 15 countries making money off the gold surge >
- The U.S. budget deficit is at its highest level in April ever. The deficit has reached $82.69 billion, $52.69 billion more than economists projected. Check out how we got there with a review of this year’s federal budget >
- Apple is under further pressure today, after HTC filed a complaint about the company’s use of technology, saying Apple violated patent law. It was also revealed that Apple is planning on using Facebook throughout its next iPhone OS.
- Spain announced an austerity budget today set to target the country’s deficit and profligate public spending. The cuts are an attempt to bring Spain back within EU limited for deficit as a percentage of GDP, at 3%, by 2013.
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