Today started sharply lower, then traded around even, then rallied , then briefly turned into the red, and then finally ended with a really nice late-day rally. Finally.
But first, the scoreboard:
Dow: +128 (+1.27%)
S&P 500: +16.21 (+1.5%)
NASDAQ: +25 (1.1%)
And the key stories of the day:
- The fact that the markets didn’t totally tank today after yesterday’s big late-day selloff is a big relief to everyone going into the weekend. The futures market was looking really ugly this morning, so the meltdown will at least have to wait another day.
- As a corollary to that, we didn’t get a Eurolehman. We’re now outside of Jim Cramer’s danger zone.
- Financial reform moves to the next step, a conference between the House and The Senate, and the general consensus right now is that nothing too harsh (in terms of derivatives or separating out prop trading) is likely to survive.
- Gold did not participate in the rally, even though many other beaten down assets did get a snapback. Here are some of the bellwether charts we’re watching >
- There were rumours of a Goldman settlement earlier in the day, though they don’t see to have panned out — or at least nothing official yet.
- Oil continues to spill (almost) unabated in the gulf. Oil also ended modestly lower today, a sign that despite the stock market’s gains, the deflation bet is still on to some extent. Here’s how the oil is damaging local economies.