The U.S. stock market is closed in observance of Independence day, which gives us a great opportunity to examine a few stocks with ties to the 4th of July.

This first of this three-part series will start by comparing investment opportunities in the United States -- home of the authors of the Declaration of Independence -- with those across the pond in the United Kingdom -- whose monarch was the recipient of that declaration. Then we'll then take a look at a few of the stocks that help us maintain our freedom as we dive into the U.S. defense industry. Finally, we'll take a look at stocks that benefit from the partying and picnicking that are so much a part of any 4th of July celebration.

Europe is hot, if you don't look too far over your shoulder. The Dow Jones Stoxx 600 Index played well through the stock market recovery of 2009, ticking up 28% (60% from its March 2009 low). This was the index's best annual performance in a decade.

Basic resources and banks gained 100% and 46%, respectively, this year, after having turned in dismal performances the year before. China helped, as well, with its elevated economic growth forecast good for another 0.5% gain during the shortened week of Christmas.

U.S. stock markets may be poised to rise, extending their gains from earlier this week, as traders bet that the worst of the steepest economic decline since the Great Depression is ending. Then again, they may end their recent winning streak.

It's one of those days.

S&P Futures expiring in September were little changed as investors digested the latest batch of earnings news. These recent quarterly reports have been largely viewed positively. Some investors may be worrying if stock valuations have gotten too rich.

The New York Times reports that global stock markets are tumbling. Nobody really knows why but the latest theory is that investors are concerned about the capital problems at Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) about which I posted yesterday.

Here's a survey of some of the global market damage:

• Nikkei 225 stock average fell 2.5%
• The Hang Seng index in Hong Kong down 3.3%
• S&P/ASX 200 index in Sydney declined 1.4%
• In London morning trading, the FTSE 100 index was down 2.7%
• DJ Euro Stoxx 50 index, of euro zone blue chips, fell 2.3%
• DAX in Frankfurt fell 2.4%
• CAC 40 in Paris sank 2.4%