Wall Street is looking for some facebook likes as the IPO for the social network giant looms. Many are hoping the IPO will snap the losing streak that has sent the markets tumbling in the wake of EU woes. One analysts with Charles Schwab tried to add a patriotic component to the IPO saying it was a dream of a company that became a reality. Probably a bit over the top but expect interest in the stock to be at a fever pitch today.
Europe’s woes are continuing today, but to a lesser extent. Shares of Spanish banks are rebounding after they asked the government to reinstate the short selling ban on domestic institutions. History has shown this to be a temporary reprieve and then the stocks inevitably head lower. Greek elections still loom large so while we may get a break today with facebook, the problems are still there and will persist.
Currently the three major US indices are essentially flat. The Dow is up 15, the Nasdaq 2 and the S&P is adding 2 points. [Read more...]