Stock Market Higher as Investors Await European Bailout News
Markets continued to wallow in their cone of confusion today as stocks finished higher amid further stalling of European bailout meetings.
It seems that neither the markets nor Germany nor France (let alone Greece) can make up their minds about the current soap opera in Europe; the Greek population seems to have made up its mind however, as protests continued today in Athens resulting in one person dead. When will this stop?
Apparently next week, as Chancellor Merkel and President Sarkozy have scheduled yet another meeting to solve the issue.
Commodities seem confused as well, as oil fell below $86 per barrel amid positive economic news at home (particularly reduced jobless claims), and I do wonder how the new post-Qadhafi-Libya will effect oil prices looking forward.
As mentioned earlier today, jobless claims decreased by 6000 claims last week, and the Philadelphia Fed Report clocked in an +8.7 increase, as opposed to a -17.5 decrease for September, a surprise, to say the least.
Lastly, I heard an inkling of a report that the dollar could be getting stronger…?
Dow Jones Industrials (NYSE:DIA)+.38, +.33%
S&P 500 (NYSE:DIA) +.53, +.44%
NASDAQ (NASDAQ:QQQ) -.28, -.49%
Russell 2000 (NYSE:IWM) +0.19, +0.27%
Disclosure: No positions in ETFs or stocks discussed in this article.
John Nyaradi is the author of The ETF Investing Premium Newsletter.