Stocks Soaring Despite GM Bankruptcy

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Hey, why shouldn’t stocks soar today? The GM (GM) bankruptcy news was already priced in, right?

Yes, after staging a stunning final-minute rally on Friday, to push the Dow over 8500, stocks are set to open much higher after a strong performance throughout the rest of the world while you were sleeping. A  broad index of Asian stocks was up about 1.4%, while European stocks were up over 2.2%. Other big gainers included gold and the resilient pound, according to Bloomberg. And oil, which has been on an incredible run, hit $68. S&P futures are up over 1%.

Losers: The dollars and long-date treasuries, but then, hey, that’s just because people are growing an appetite for risk again, right?

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