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Ear to the Ground

Euro-Bailout Helps U.S. Stocks Rise High

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Posted on May 10, 2010
Wall Street
Flickr / jpellgen

After the Dow’s freaky dip last week, Monday’s news that the U.S. stock market was closing in on its biggest day in terms of gains this year might just boost some spirits on and off the trading floor.  —KA

The Wall Street Journal:

U.S. stocks were on track for their biggest one-day gain of the year Monday afternoon, boosted by a nearly $1 trillion bailout package to stem Europe’s credit crisis.

The Dow Jones Industrial Average was up 348 points, or 3.4%, to 10729, helped by gains in 29 of 30 components. Wal-Mart Stores was the only exception, off 0.3%.

The Standard & Poor’s 500-share index hovered just above 1150, rising 3.7% amid gains in all its sectors. The industrial, technology, financial, consumer-discretionary, and basic-materials categories each rose more than 4%.

Optimism that global growth is back on track sent industrials rising. Cummins, which makes diesel engines and automotive parts, soared 10%. Building-products maker Masco jumped 9%.

The Nasdaq Composite jumped 93 points, or 4.1%, to 2359. If the Nasdaq closes with a triple-digit gain, it will be the measure’s first such move since October 2008.

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amunaor's avatar

By amunaor, May 11, 2010 at 4:43 pm Link to this comment

As per Goldmann Sachs’ magical market-maker of structured products:

Fabrice “Fabulous Fab” Tourre—Now you see it, now you don’t!

Peace, Best Wishes and Hope

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By samosamo, May 11, 2010 at 11:44 am Link to this comment

Sad news to have u.s. stocks as the economic indicator of our
economy. All fluff and no substance in understanding what our
economy really is like and where it is heading. But because of
another bailout, which is elitist corporate welfare, this country is
doing great financially and the economy is well on the road to
recovery.

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