Shocker. Stocks went higher today. The dollar weakened.But first, the scoreboard:
S&P 500: +2.05
And now, the top stories:
- There were so many big headlines this weekend, that it would’ve been safe to guess that Monday would see some real fireworks. You had changes at the IMF. A scuttled currency deal. Germany accused Ameria of being a FX hypocrite. Japan signaled further quantitative easing, and on and on.
- And in the end, we got a lot of the same. The dollar tanked to unprecedented lows against the yen, and Shanghai shot ridiculously again to a new high.
- Seriously, we could just about end the roundup right there. Sure, there was some US news. Existing home sales came in a bit better than expected, although the number was still horrible by any objective measures. The Chicago Fed number was a bit weaker than expected.
- Bank shares continued to weaken on mortgage-putback-foreclosure-gate-double-dip-you-name-it fears but there was nothing too big doing on that front.
- Really though it was more of the same on most fronts. Why is this a bit disconcerting? Read the steady heartbeat post from earlier.
- It may be like this until next week’s big twin events: FOMC and the elections. And of course Friday’s GDP number.
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