The bull is alive! And he’s gathering steam!
But first, the scoreboard:
S&P 500: +17
And now, the day’s top stories:
- Things got off to a slow start. Selling was modest in Asia, as the Shanghai Composite dipped to a 5-week low. The yuan hit a new high against the dollar, prompting some chatter that maybe the PBoC was acquiescing a little on calls for the country to strengthen its currency. Japan was closed.
- In Europe, fears over sovereign debt just rolled along. Irish bond yields hit a brand new high, the day before a major bond offering that has everyone nervous. Yields in the rest of the PIIGS blew out as well, though neither the euro, nor various national stock markets were impacted all that significantly.
- In the US the data was pretty light, as the big story of the week will be tomorrow’s FOMC decision. CNBC tried to get a lot of hype with its 1-hour Obama town hall (would he start a new round of class warfare!?!?), but in the end that was a total non-event.
- Markets really gathered steam after the meeting, though good luck finding anyone who would suggest that there’s another connection. With the rally, the S&P broke through 1130, a level previously seen as a key bullish marker.
- Gold briefly hit a new record this morning. It’s still right around $1280.