Stocks are rallying across the board this morning with the Dow up more than 200 points after a surprising agreement by EU leaders to help the region’s struggling banks. The major stock indexes are up as much as 2% this morning. European leaders agreed to using euro area rescue funds to stabilize bond markets. This agreement will not force countries to implement additional austerity measures or economic reforms in order to receive aid. Sign Up For Free Stock Alerts
Expectations from the summit were extremely low so while this news is good, a rally was going to happen with even the smallest bit of good news. News closer to home was disappointing as consumer sentiment fell to 73.2 in June, nearly a point lower than what analysts were expecting.
The Dow is currently up 205 points, the Nasdaq is up 59 points and the S&P 500 is up 24 points. [Read more...]