Top 3 Reasons Markets Are Loving March Madness
Markets closed up on Wall Street: DJI +0.71% SP500 +0.43% Nasdaq +0.29% Gold +0.85% Oil +0.03%.
What a week! Japan (NYSE:EWJ) has written a page in the history books after a mind-blowing earthquake and tsunami. No the UN has finally decided to intervene in Libya. Today’s markets opened up and coasted for the remainder of the day.
Today’s markets rallied because:
1) The G7 intervened to save the Yen. Japan (NYSE:EWJ) needed a savior, and the G7 obliged. Let’s see if the weekend can bring some complacency to a situation that was upgraded to a Level 5 nuclear emergency. Don’t Miss: The 10 Highest Risk Nuclear Power Plants in the US.
2) Cisco (NASDAQ:CSCO) announced a dividend. Have you noticed Cisco’s (NASDAQ:CSCO) stock keeps making 52-week lows? Management has. So, today the tech giant declared their first-ever dividend to prevent Wall Street from dumping the stock. Cisco will be paying shareholders $0.06 per share. On another tech note, Apple (NASDAQ:AAPL) was subject to some bear raids on rumors that Steve Jobs will step down as CEO for health reasons. Maybe it’s simply Jon Bon Jovi getting revenge?
3) Banks (NYSE:XLF) are back. Remember when credit markets were frozen? Ah, time heals everything. Today the biggest banks (NYSE:XLF) announced dividends approved by the Federal Reserve after suspending dividends to accept TARP assistance. Read a complete breakdown of the action in this post “Banks to Shareholders: Here’s Your Dividends Back
By Wall St. Cheat Sheet“.
Now that you’re in the know, have a great weekend and enjoy the awesome NCAA Men’s College Basketball Tournament!