First, your scorecard:
- DJIA: Up 8 points to 11,006.
- S&P 500: Up 2 points to 1196.
- NASDAQ: Up 3 points to 2457.
Today’s big gainers:
- American International Group (AIG): $43.89 / +9.83%
- NYSE Euronext Inc (NYX): $32.26 / +5.74%
- Leucadia National Corp (LUK): $26.99 / +5.51%
- Caterpillar Inc (CAT): $66.82 / +2.37%
- Alcoa Inc (AA): $14.62 / +1.60%
- General Electric Co (GE): $18.80 / +1.51%
Commodities round up:
- Oil: $84.24 / -$0.68 or 0.80%
- Gold: $1155.20 / -$6.70 or 0.58%
- Silver: $18.16 / -$0.19 or 1.04%
Now here’s what you need to know before you leave work today:
- Pimco’s Mohamed El-Erian has questioned the Greek bailout package suggesting that it only deals with short term funding concerns, rather than its underlying government insolvency.
- Germany is bearing the burden of the Greek bailout handling 8.4 billion euros ($11.4 billion) of the 30 billion euro ($40.8 billion) Greek assistance package. Pressure is rising on Chancellor Merkel, who had previously said no to any significant part in helping Greece.
- Palm’s price has gone up 20% today on rumours the company is about to be bought. The company has hired Goldman Sachs and Quattrone’s Qatalyst Group to sell the company.
- President Obama plans on using this week’s nuclear summit in Washington to push Chinese President Hu Jintao on the issue of Iranian sanctions. There were some concerns that China would not attend the conference after offensive U.S. moves in previous months, including the Dalai Lama’s meeting with President Obama.
- While the Dow may have held 11,000 today, Hussman is saying the market is in for a painful correction. Investors are relying on the economy to continue to be strong, so they will get hit even harder.
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