Markets closed up on Wall Street: DJI 0.6% SP500 0.81% Nasdaq 1.01% Gold 0.94% Oil 1.07%.
Markets rallied all day from start to finish. On the commodities front, Oil (NYSE:USO) started in the red but climbed the steps to close at $103.39. Silver (NYSE:SLV) and Gold (NYSE:GLD) also continued their rebound, proving the best time to buy is when panic sets in.
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Today’s markets were up because:
1) M&A is big and hot. The deal of the day was Microsoft’s (NASDAQ:MSFT) monster $8.5 billion purchase of Skype. Regardless of all the opinions floating around, the deal expresses the continued healing of the business cycle. No company, no matter how cash rich, would be throwing around this type of money if confidence wasn’t returning. We expect to see more of this behavior as the corporate herd mentality kicks into high gear.
2) Google is dropping goodies at their I/O Conference. Google (NASDAQ:GOOG) just fell from the number 1 spot on the The Top 100 Most Powerful Brands list, but they are still ready to battle with Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) for cloud dominance. Today Google announced a new version of Android (Ice Cream Sandwich), Google Music, streaming video on Android, and more. Looks like Larry Page is a serious man without “adult supervision.”
3) General Motors is making a solid investment back into the US. That’s a kind gesture considering it’s the US taxpayer who save General Motors (NYSE:GM) entire company. Should we be thankful, or continue to demand more karmic payback for dragging us into their mess? Either way, it’s a good start as $2 billion and 4,000 jobs will trickle back into the US economy. We’ll wait to see how Ford (NYSE:F), Toyota Motors (NYSE:TM) and Honda Motors (NYSE:HMC) react.
Now that you’re in the know, get ready to enjoy Google’s new goodies!