Stocks rallied despite political mayhem, Europe worsening and bad data.
First the scoreboard:
Dow: +43
NASDAQ: +27
S&P 500: +7
And now the top stories:
- Ignoring last night's severe debt warning from S&P, U.S. markets opened with a big jump. Bullish earnings from Google and Citi set the tone for a 180-point early rally in the Dow.
- Then the bad news started coming in. June CPI showed more than expected disinflation, alongside more than expected price inflation. The Empire State Manufacturing Index sunk 3.76 instead of expected gains. Consumer sentiment plunged to 63.8 from 71.5, when the market was looking for gains. Here's 16 reasons to be depressed about the economy >
- The hotly-awaited European stress test results came out at noon and only 8 banks failed. The Euro bounced higher and then fizzled. Of course whenever a stress test ends this way, people decide the test must be broken. Meanwhile bond yields continued to climb higher all day in Italy and Spain and of course Greece. The bond vigilantes are winning.
- Back to the U.S., where no news is bad news on the debt ceiling. Despite no real progress, Obama said in a press conference he would compromise if Republicans offered a serious plan. Unfortunately the whole world is realizing that Republicans are gleefully playing with fire. See what companies would get crushed if the government goes into austerity mode >
- The Dow ended positive after wavering through the day -- but it's down nearly 2% for the week. Gold finished at a record high after 3.2% gains for the week.
- Now for some real progress check out amazing pictures of Shanghai 100 years ago >
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