Markets ended only slightly higher, but it was a huge win for the bulls, given the ugly overnight action in Asia, and the weakness in euroland.
First the scoreboard:
As for key stories:
- BP has successfully inserted a catheter into the Deepwater Horizon oil leak, but the flow is still enormous, and now the big fear is that the oil will soon travel to Florida.
- GM reported an implausibly large profit.
- The euro rebounded of its lows of the day, finishing with some strength, but key industrial commodities fell hard, indicating persistent deflationary fears. Gold also fell.
- Financial stocks continued to slide. Some better than expected credit card data failed to win over markets that are concerned about financial regulation headline risk, and the widening legal investigations at nearly all levels of government. Goldman Sachs fell just less than 1%
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