STOCKS RISE ON BAD NEWS, AND THE WORLD HAS LINKEDIN FEVER: Here's What You To Know

fever

Photo: chispita via flickr

Commodity crash? Europe crackup? China slowdown? Snooze. Today was about one thing.But first, the scoreboard:

Dow: +43.29
NASDAQ: +8.24
S&P 500: +2.7

And now, the top stories:

  • If it weren’t for the LinkedIn IPO, today would have been one of the most boring days in a long time.  There was a little bit of economic news in Asia. Japan’s economy contracted more than expected, due to the earthquake. The Nikkei fell a bit. Click here for the ultimate bear case on Japan >
  • Europe was once again totally quiet. Nobody said anything dramatic.
  • The US action revolved around the two things: The first, obviously, was the LinkedIn IPO. It exploded out of the gate, and then kept rallying, at one point hitting $120, before ultimately closing below $100. Everyone screamed all day long about the new tech bubble.
  • Then, besides that, there was some mediocre/bad economic news. The Philly Fed index was way worse than expected. Existing home sales were worse than expected, and initial claims were once again over 400K. Click here for a guide to that awful Philly Fed number >
  • And then beyond that, that was that. Everyone was LinkedIn gazing all day.
  • One notable loser on the day: Intel, which got whacked on a Goldman downgrade.
  • On the geopolitics front, Obama give a Mideast speech that was mostly short on substance, although it did raise eyebrows that he forcefully called for a return to the 1967 Israel borders.
  • Click here for a guide to the 10 biggest IPOs of the last decade, and where they are now >

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