Stocks are Up?
All the issues from last week are being overlooked as stocks are on a tear today. Thanks to some good news from China we are moving higher.
(DailyTicker) Major stock proxies rose around the world overnight while U.S. averages were higher in early trading Tuesday morning. Stocks got a boost from renewed hopes about stimulus from China and Philadelphia Fed President Charles Plosser tells The WSJ "there's absolutely no reason for people in the United States to get all in a dither" about Europe.
Still, the action seems disconnected from news out of Spain. On Friday, the government was forced to effectively nationalize Bankia, its third-largest bank. Spanish bond yields surged to euro-era highs and bank stocks tumbled on fears more bailouts will be necessary, even as Prime Minister Mariano Rajoy declared Spain will not ask for funds from the EU (or IMF).
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