After yesterday’s powerful 3% up move, the market is headed higher again.
Stocks in Asia had a good night, moving to 7-month highs. The Nikkei gained 2.7%. There’s also more optimism in the fragile world of Anglo-Saxon banking, as the pound continued to rally (a story we touched on yesterday), while the Bank of Ireland said it would buy back its own distressed debt, boosting its capital position.
In the US, it looks like the WSJ’s stress test story will be met with something of a snooze. Expect a lot of cheerleading over Home Depot’s (HD) earnings, which beat estimates (like Lowe’s did yesterday) helped by cost cuts (as all strong earnings have).