It’s been quite a morning, so let’s do a quick update.
First on the news:
- The GM IPO came to market at just above $35 and is hanging around right there.
- There’s still no Ireland bailout despite chatter earlier in the day.
- Initial jobless claims came in just ahead of expectations.
- Steven Rattner is facing a lawsuit from Andrew Cuomo is seeking a lifetime ban against Steven Rattner.
- And most importantly, the Philly-Fed index was incredibly strong. Click here for details.
Now as for markets, they’re off to a blistering start, with the major indices all up over 1.7%, and commodities rebounding sharply.
Just one note, although they’re up on the day, gold and silver actually slipped a bit.