Photo: Raelene G via flickr
Just when it looked like the wheels would really come off the wagon…But first, the scoreboard:
S&P 500: +4.66
And now, the top stories:
- Yesterday was characterised by stagflationary action: weak stocks, super strong commodities. Today was strong on everything, although it didn’t initially look like it would turn out that way. Markets were all ugly overnight, having started off with a weird dip in the very early going in the Asian market.
- The ugly news in Europe was in the UK, where business investment fell off a cliff, and homeowner spending as a component of Q1 GDP tanked.
- Everything was lower in the early going in the US, and then the market got hit with a thud: Durable Goods for April were terrible by every measure. This is always a lumpy number, but even stripping out anything unusual or “one-timey” it was a pretty bad one. Markets headed lower.
- But then… the drift! Everything moved higher, and commodities went totally nuts. Oil is over $101! Silver is getting close to $38. Copper is back on the move, too. Risk on, inflation, you name it. Never mind that Q2 GDP estimates are being chopped left and right thanks to durable goods.
- It’s not market related, but the #1 stunning news of the day was the tragic death of CNBC’s Mark Haines. See more on his passing here.
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