At one point today, markets were off nearly 2%, so the action was not horrible for bulls. Perhaps the bleeding is stopped momentarily..
But first, the scoreboard:
And now, the key stories:
- For the moment, markets have stopped freaking out about Europe and Germany’s boneheaded move to go after short-sellers. The euro has staged an impressive rally. The euro is now nearly at $1.24, which seems high, but remember, $1.25 was thought to be unthinkably low just a few weeks ago.
- Cloture has failed in the financial regulation debate, meaning the debate will continue, and new amendments can come in. This is bad news for Wall Street, since there’s still a chance that some harsh amendments can be included.
- Gold fell again to below $1190. A lot of gold-bugs-come-lately are already well under water.
- New mortgage applications fell to a 13-year low in April. Welcome to the homebuyer tax credit hangover.
- The NOAA is warning that once the big oil slick hits the so-called Loop Current, Florida has 10 days until impact.
- Talk of China revaluing the yuan has roared back, though given the fall of the euro this seems unlikely.
- Financial shares finally rallied today. Even Goldman Sachs was up, perhaps on optimism that financial reform will be weak.
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