Photo: HidingInABunker via Flickr
Despite all kinds of talk about the end of the Euro and whatnot, stocks staged a pretty serious rally today, with the S&P up nearly 3%.But there were a few aspects underneath it all.
- First, going back to Europe, while mostly it was bullish, there was a pretty solid jump in Portuguese yields, with the 10-year blasting to a record high 13.454%.
- In the US, yields on the 10-year barely edged higher, ticking up to 2.00% from 1.97%, which is not emblematic of a big shift in bullishness.
- Furthermore, investors were very discriminating. Recent tech dogs, like Groupon and LinkedIn both fell hard — no animal spirits found here.
- And Bank of America continues to fail to impress. Thanks to a last-minute spike, it ended higher by 1.5%, underperforming the market. It’s also given up a fair amount of that after hours.
Bottom line: Good day over all, hardly indicative though of some full-throated turnabout.