On this historic day, when it looked like US stocks would dive again, stocks surged to new highs.But first, the scoreboard:
S&P 500: +7/07
And now the top stories:
- The “day” really started late yesterday afternoon when Egyptian President Hosni Mubarak stunned the world by not announcing his resignation after tons of hype. Following that, Mohamed ElBaradei predicted that Egypt would “explode.”
- In Asia, things were fairly quiet, though there were a few interesting developments ont he currency front. Vietnam massively devalued its currency. Korea surprisingly put a halt to interest rate hikes. Markets were generally higher. Even India.
- In the US things were a bit more grim. The euro dived. Various regional bourses fell. US futures were lower in the early going.
- There wasn’t much US economic news. The trade deficit came in bang-on with expectations.
- And then from there on, basically, the selling resumed. News that Hosni Mubarak was officially stepping aside — seemingly defusing the tense situation for a moment — appeared to give yet another boost to stocks. The dollar had a huge day (the euro had a horrible day) and oil and gold both tanked. Oil is threatening to hit $85, which is pretty remarkable given the strength of equities.
- A few stocks had remarkable days. Thanks to good earnings, both Wynn and Chipotle surged again.
- And that’s basically the story. There was nothing to derail the rally, so on it went. Once again, the big indices are at new highs.
- Click here to see 11 countries at risk of becoming the next Egypt >