Wow. After being down huge in early trading, with the indices off over 3%, on all the same fears, the market did a big comeback in the final hour of trading. The modest down day in most of the indices was a big win for the bullsHere’s the scoreboard:
S&P 500: +0.38
And now, some of today’s top stories:
- As noted above, the big comeback is huge. Investors live to see another day — a day that, perhaps, will include some kind of new quantitative easing measure in Europe, or maybe even a move by our Fed. A big winner today was Goldman Sachs, which ended up over 4%. See some of the key trades of the day here >
- During this morning’s big selloff, the March Case-Shiller got lost in the shuffle, but it was weak, showing further signs of a possible double-dip in housing. New York in particular seems vulnerable to further declines.
- The BP situation continues to get more tense. The company is expected to try its top-kill method tomorrow, in its desperate bid to halt the leak. See pictures of beleaguered Grand Isle, LA here >
- Germany continues to invite short-sellers, as it expands measures aimed at curbing short sellers. Funny how that works, no?
- Tensions on the Korean peninsula heat up, as the North decides to cut of all relations with the South. Here’s a look at possible war scenarios >
- Gold never succumbed to the flight-to-liquidity trade, edging up over $4 during the trading day. Oil on the other hand is below $70.