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Stocks are recovering some of yesterday’s losses as pessimism is receding.This morning’s highly anticipated Italian bond auction wasn’t the total failure that some expected. The debt-laden country’s 10-year yield fell back below 7%. While things aren’t all that great in Italy, they could be a lot worse.
Earlier today, there were concerns S&P was about to downgrade France, but the ratings agency quickly quelled those rumours by affirming the country’s AAA rating. Market’s rallied sharply on the news.