Markets closed up on Wall Street today: Dow +1.58%, S&P +2.04%, Nasdaq +1.63%, Oil +2.36%, Gold -1.06%.
On the commodities front, Oil (NYSE:USO) popped to $88.37 a barrel. Precious metals didn’t fare as well, with Gold (NYSE:GLD) dropping to $1,657 an ounce while Silver (NYSE:SLV) spilled 3.51% to $30.67.
Hot Feature: Apple Earnings: iPhone Sales Disappoint, Shares Down.
Today’s markets were up because:
1) France and Germany. Yesterday Germany dashed Friday’s hopes of a big EU bailout, but today there are reports France (NYSE:EWQ) and Germany (NYSE:EWG) will throw $2 trillion into a European Bailout fund. Hoorah! Risk on! The world is saved … until tomorrow when we learn it’s a hedge fund rumor.
2) Chinese Growth and Spain Downgrade. Before the story about France and Germany, slowing Chinese (NYSE:FXI) economic growth had markets concerned in morning trading. Then, after the bell Moody’s (NYSE:MCO) downgraded Spain (NYSE:EWP) two levels. Again, this was all before the report France and Germany flew in from the heavens. Oh yeah, Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) had weak reports but still caught a bid early on.
3) Apple. Apple (NASDAQ:AAPL) delivered a rare earnings miss after the bell. The company fell short on iPhone sales expectations — weird since iPhone 4 and 4S sales are all record-setting. On the other hand, Yahoo (NASDAQ:YHOO) and Intel (NASDAQ:INTC) both announced solid quarters and sent their stocks flying high.