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Stocks in the US and Europe are trading lower on new debt worries in Dubai and Greece.
The dollar rallied as traders reacted to heightened concerns about the ability of the Greek government to manage its fiscal debt. The crisis in Dubai is not going away and may take several months to settle.
In New York the S & P rose .7 to 1096.1. The Vix index, a measure of expected equity market volatility, rose 5.1% to 23.23.
In Greece, the Athens index fell 6% and the Dubai stock market fell 6.1% to a new 21-week low.
Traders bought bonds as a safe haven. The 10-year Treasury fell 5 basis points to 3.38%. The German Bund fell 5 basis points to 3.14%.
The dollar rallied .6% versus the euro at $1.4735 and added .4% on a trade weighted basis. In Japan, the announcement of an $81 billion stimulus package drove the yen higher. Against the dollar, the yen climbed 1.2% to Y88.39 and versus the euro it added 1.7% to Y130.36.
Gold and oil traded lower.
Again, these events are causing confusion in the markets. It may be well to let the dust settle before piling on some new trades.
Would you buy US stocks on a pull back here?
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Reader Comments (Page 1 of 1)
12-08-2009 @ 2:00PM
nickerson said...
Look around and this boy rpt boy has fewer people with brains on business. Most of these are left wing nuts out of schools of higher learning, never worked a real job in their life. The rest are like this congress women from Ill whose husband is a convicted felon and they are using what he wrote in a book for health care, give us a break. And this Andy Stern is a pure slime bag from SEIU, this ass hole should be in jail.
12-08-2009 @ 3:48PM
clikdawg said...
Jeez, yesterday Big Ben had to reassure the market that he wasn't going to raise interest rates; today, with all this turmoil, they are sending him the return message that, hey, they might just need those TARP funds Bam-Bam wants to give away.
So now Ben will have to explain that even if Bam-Bam DOES use the money for a jobs program, he'll (meaning we'll) still cover them if they lose their shirts again -- which they will because that's what Problem Gamblers do -- and that the whole thing is just a PR ploy to circumvent Congressional approval and oversight how that 'extra' money is spent; the very definition of smoke and mirrors, with plenty on the side to be raked into personal pockets.
Stayed tuned to see if Wall Street succeeds in getting a direct, under-the-table chunk of that jobs money so that they don't have any pesky repayments to make, while helping Bam-Bam make everybody think he's saved the taxpayers a bunch of bucks.
Nice work, if you can get it ...