Dow exploded going up an amazing 330, advances over decliners 6-1 (a little more subdued) & NAZ gained 86 (bigger percentage-wise). Banks led the charge, on PLANS for another bank bailout, this one in Belgium. While the Financial Index jumped 8, it still has a very dreary chart!
Even though the MLP index had a great day, the REIT index did much better. It gained 10+ to 210. Junk bond (stocks with high yields) funds rose 2-4%, very big. Treasuries had the day off, but they clearly would have declined, bringing higher yields. Oil & gold were each up about 3% as hopes are riding high on the latest move from Europe.
Markets soared after leaders from France & Germany promised to strengthen European banks. They said they would finalize a "comprehensive response" to the debt crisis by the end of the month. The end of the month is still a few weeks away & Europe does not represent one united entity. It's hard not to think, markets got ahead of themselves. Back to the US, tomorrow Alcoa (AA), a Dow stock, reports earnings. Analysts are looking for 22¢, up sharply from 9¢ last year. That will be followed by earnings from the big banks.
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S&P 500 Financials Sector Index
| Value | 167.31 | |
| Change | 8.22 (5.1%) |
Even though the MLP index had a great day, the REIT index did much better. It gained 10+ to 210. Junk bond (stocks with high yields) funds rose 2-4%, very big. Treasuries had the day off, but they clearly would have declined, bringing higher yields. Oil & gold were each up about 3% as hopes are riding high on the latest move from Europe.
Alerian MLP Index
| Value | 345.00 | |
| Change | 5.75 (1.7%) |
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Markets soared after leaders from France & Germany promised to strengthen European banks. They said they would finalize a "comprehensive response" to the debt crisis by the end of the month. The end of the month is still a few weeks away & Europe does not represent one united entity. It's hard not to think, markets got ahead of themselves. Back to the US, tomorrow Alcoa (AA), a Dow stock, reports earnings. Analysts are looking for 22¢, up sharply from 9¢ last year. That will be followed by earnings from the big banks.
Dow Industrials (INDU)
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