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There was no profit-taking or backsliding after yesterday’s huge day. Momentum!But first, the scoreboard:
S&P 500: 9.4
And now, the top stories:
- It was pretty quiet in terms of overnight action. Stocks rose in Asia, following the big day in the US. Europe was quiet, too. The ECB decided to hold rates steady, which surprised nobody.
- The economic data this morning in the US was not horrible. The initial claims report didn’t worsen, so that was a relief. Pending home sales proved to be one of the better housing-related reports in a long time. Factory orders was weak, but nobody seemed to care.
- On the deals front, it seems that finally the 3PAR saga is over, as Dell has declined to raise its bid. Burger King is definitely selling to private equity firm 3G.
- Although there’s no evidence that it will be a huge disaster, a small explosion at a rig in the Gulf briefly shook Mariner Energy.
- Tomorrow is the big jobs report. Analysts are looking for a headline of 120K jobs lost. It’s easy to imagine this being a big disappointment to investors if this comes in weak..