Market Recap: Stocks Rally as EU Tries to Get its Act Together
- Posted on December 9, 2011 at 4:43pm by
Becket Adams
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Markets closed up on Wall Street today:
- Dow +1.55 percent
- S&P+1.69 percent
- Nasdaq +1.94 percent
- Oil +1.30 percent
- Gold +0.09 percent
On the commodities front:
- Oil (NYSE:USO) climbed to $99.62 a barrel
- Gold (NYSE:GLD) climbed to $1,714.90 an ounce
- Silver (NYSE:SLV) climbed 2.24 percent to settle at $32.25
(Related: Bahgdad: We Won’t Cancel Exxon Deal)
Today’s markets were up because:
1) EU: Despite opposition from the U.K., twenty-three of the twenty-seven countries in the European Union formally agreed to run only minimal budget deficits in the future and granted the European Court of Justice the right to strike down national laws that don’t enforce such discipline.
Though the details of the agreement effected in a summit in Brussels are otherwise scarce, leaders announced that they had agreed to cap the European Stability Mechanism at €500 billion [$670 billion], and that EU nations would provide up to €200 billion [$270 billion] in loans to the International Monetary Fund.
2) U.S. Econ Data: The U.S. trade deficit narrowed in October for the fourth month in a row, to $43.5 billion from a revised $44.2 billion the month before, despite record imports from China.
Separately, an early reading on consumer sentiment in December topped expectations, though with a reading of 67.7, it still came in below the 69.3 average for the last five recessions, and is about 21 percent below the average reading since the University of Michigan began tracking such information with its Consumer Sentiment Index in 1978. Translation: it’s a boost, but not much.
3) Banks: Financials led the day’s rally. JPMorgan gained 2.98 percent, Bank of America added 2.15 percent, Morgan Stanley climbed 3.15 percent, Goldman Sachs jumped 1.53 percent, Citigroup climbed 3.68 percent, and Wells Fargo tacked on 2.75 percent.
[Editor's note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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pmjr-jones
Posted on December 15, 2011 at 10:24amceo‘s don’t want you to use the stock market for yourself
Report Post »pmjr-jones
Posted on December 15, 2011 at 10:23amstock market is rigged so no one else can use it; speculators.
Report Post »pmjr-jones
Posted on December 15, 2011 at 10:21amstock market is rigged by ceo who don‘t want to give raises to they’er employees
Report Post »uptickusa
Posted on December 12, 2011 at 12:30amThe Market goes up /down
7 billion people still have to buy things -guess who makes them companies
Report Post »opnsrcsurvival
Posted on December 11, 2011 at 9:26amBut But…Suze Orman and Dave Ramsey say “put your money in the market” heck so does booya boy.
My IRA is was at 55% of its 2007 value, I cashed it ALL out. Bought LAND, a Resilient vehicle, and tangible items of real value and I am not talking about gold.,,
lead maybe but not gold ;) come see us at http://www.opensourcesurvival.com and learn.
Report Post »FANGS
Posted on December 9, 2011 at 9:54pmThe Revolution must start now. Democrats Unions Media and teachers must be crushed. It’s now life and death. We must act now.
Report Post »FANGS
Posted on December 9, 2011 at 9:49pmWrite Your Senators. Europe must collapse. Americans no longer have any stock in their economy.I still havn’t gotten any stimulous funds. Every stock holder is invested in Gold. It’s their Socialist mess let them die in it.If obama lends them one more cent America must riot.Let this be the start of our Revolution.
Report Post »lukerw
Posted on December 9, 2011 at 9:27pmBiding for time…
Report Post »RightPolitically
Posted on December 9, 2011 at 8:09pmEurope will go down. Get out of the market now, if you know what’s good for you. As soon as they run completely out of O.P.M. (other people’s money) soon, it will collapse.
Report Post »TXPilot
Posted on December 9, 2011 at 5:30pmAll is well people, all is well!!…..How many times do I have to see the market go up after its latest fall, only to hear all the talking heads blabbing about how the worst is behind us, and things are getting better? Ok, I got it…..we are headed off a cliff, while everyone in the media is lying through their teeth to us……If you believe all their lying cr@p and stay in the market, you deserve to lose your shirt.
Report Post »whywonder
Posted on December 9, 2011 at 7:12pmIf you are not the 1% stay away from the market..so how is everyones 401k doing?
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