Photo: wikimedia commons
Boom! After four days of pummelling, the bulls get a victory.But first, the scoreboard:
S&P 500: +19
And now, the top stories:
- Once again, it would appear that China is the tail wagging the entire world market’s dog. After four straight down days, the Shanghai Composite finally caught a bid, and though it was only up less than 1%, it set the tone for a huge rally in stocks and commodities. Japan also had a very big night.
- In Europe, by which we mean, in Ireland, the early hours were filled with headlines, but again, no news at all. Just lots of conflicting stories, as the embarrassed and humiliated country inches closer to a bailout and the loss of sovereignty.
- In the US, it was risk-on all morning, with the dollar down, and stock futures and commodities up. At 8:30 we got the initial jobless claims report, which was basically exactly in line with expectations, and it hardly moved the market at all.
- At 9:30, we got what most people considered to be the huge event of the day: The GM IPO! After pricing last night at $33 it opened just above $35 and basically hung between $35 and $36 for most of the morning, before ultimately closing right around $34. Not a huge win for the flippers, but also a pretty good win for The Treasury, which priced the stock well, and prevented the outrageous site of a huge pop for hedgies and insiders. The Treasury also got very lucky that today was a huge up day around the world (cue the tinfoil hat talk)
- But then at 10:00 AM, we got a very highly anticipated Philly Fed report, and it was absolutely blistering, exceeding expectations by a mile, and alleviating the worries that we saw on Monday from the Empire Manufacturing Index. Click here to see the details >
- The rest of the day was basically the bulls taking a wire to wire win. Gold was up today, but actually relatively weak for most of the day. Silver — which is really looking like the ultimate high-beta stock — of course went nuts.
- Friday is likely going to be very quiet on the news front (with the exception perhaps of Ireland, though by this point, it seems like a weekend announcement is the most likely outcome).
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