That Was Short: Spain Falls Back Into Negative Territory

UPDATE:

Spain’s IBEX 35 has fallen back slightly into negative territory, although not near lows set earlier in the trading day.

The index is now down some 0.3 per cent to 6,230.

ORIGINAL:

The IBEX 35 posted a surprising surge this morning after reports surfaced that the European Commission said this morning it is willing to directly recapitalize banks through the European Stability Mechanism — the continent’s permanent €500 billion bailout fund set to go into effect this summer. 

Below, the rapid ascent in Spain’s major index (Delayed by half an hour).

Chart

Photo: Yahoo Finance

More to come.

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