It’s all Greek to me
by Peter Switzer
Despite the antics in Athens, Wall Street was able to put on a nice rally powered by the prospect that the Greek referendum is off, an overdue rate cut from the European Central Bank and the expectation that the US jobs number might be a positive reading.
The Dow ended up 208.43 points, or 1.76 per cent, to 12,044.47 while the S&P 500 finished at 1261.15, up 23.25 points or 1.88 per cent.
In Greece it was fun and games with the PM George Papandreou apparently getting the Opposition leader to agree to support the bailout on the condition that he, Papandreou, would resign.
After agreeing, the PM did not resign and so the Opposition leader walked out of parliament.
Believe it or not but these two guys were roommates at university in their student days!
Economic data-wise and the Institute for Supply Management’s services index grew with a reading of 52.9 but it was not a strong result. Against this, jobless claims fell below 400,000, which is always seen as a positive sign.
Back in Europe and the situation is fluid with the G20 meeting on in Cannes and a confidence vote to be taken tomorrow at midnight!
Who knows what will happen but the vibes out of Europe are positive and so we should be grateful for small mercies!
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Published on: Friday, November 04, 2011
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