Massive rally. Dow up 200.
Richard Gilhooly of TD Securities has a great one paragraph recap:
Treasuries were a side show to the strong rally in equities today, with AAPL leading the move with a 6.5% rally in its stock after a recent aggressive sell-off. While there were no specifics on a deal to avert the fiscal cliff, the equity market built on optimism that started midday Friday that a deal is in the offing, while also reacting positively to talk of a truce in Israel/Gaza strikes and suggestions that Greece will be awarded €44bn in coming days. Crude oil prices jumped by nearly $3 at one point, reflecting optimism that a recession can be avoided, while ongoing Mid-east tensions kept an underlying bid, giving asymmetric risk to a continued rally in oil, at least until a truce is a done-deal.
Only thing we’d add: Strong housing numbers.
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