Equities Rally, Gold And Oil Up, Greece Fears Take A Back Seat

The Bulls are looking for comeback today as the S&P and Dow are headed to one per cent gains already.

A big rumour floating around the market this morning is that Origin Agritech (SEED) is shooting up on takeover speculation. It’s currently up 4.5% to $11.06 a share.

As for Greece, the EU believes that with careful planning and restructuring, Greece can overcome its debt issues and avoid a default.

From the AP:

The European Commission said Monday that it will put Greece on a tight leash, warning that it will call for extra action if Athens doesn’t make progress getting its ballooning deficit under control.

Greece’s budget crisis and worries that it won’t be able to pay back debt have shaken the European Union and its shared currency, the euro, which has slid in value recently. It has also intensified speculation that other EU nations might have to bail Greece out if it risks default.

Greek and European officials say that they are confident that the country will manage to curb its budget gap and that a financial rescue won’t be necessary.

Commodities are doing well. Oil is up $0.40 to $73.30 a barrel.

Gold is back on the upside, currently up $6 to $1089.70/oz. Silver too has gained slightly, up $0.11 to $16/30/oz.

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