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First the scoreboard:
Dow: 12,651, +155.5, +1.2%
S&P 500: 1,329, 14.2, +1.0%
NASDAQ: 2,836, 17.7, +0.6%
And now the top stories:
- Things got really scary this morning in Europe. Spain's 10-year yield surged to 7 percent this morning, a euro era, all-time high. High interest rates just make it that much harder to manage its mountain of debt.
- Meanwhile, Italian interest rates surged to 5-month highs as the government held three big bond auctions.
- It's also worth noting that the Greek stock market surged, even on reports that unemployment surged. There were reports that "secret polls" ahead of Sunday's big Greek elections showed that the pro-bailout New Democracy party is leading. This helped offset fears that the anti-bailout Syriza party would rise to power and push actions that could eventually cause Greece to exit the euro.
- The U.S. got some economic data today that largely went overlooked. The consumer price index fell 0.3 percent in May, this was just under the 0.2 percent decline expected by economists.
- Initial jobless claims jumped to 386k, which was higher than the 375k economists were looking for. The combination of low inflation and weak jobs number was the type of data mix that gives central banks room to ease.
- Markets were up, but then they exploded higher just after 3:00 PM as the rumor mill started cranking. Reuters reported that the world's central banks were planning on some sort of coordinated liquidity measure. According to yet another Reuters report, G7 leaders are planning to hold an emergency meeting in Mexico; there were no other details and there's no way of knowing what this actually means.
- Two of the biggest bears forecasted pretty bumpy ride for the markets. Citi's Tom Fitzpatrick warned that we should expect turbulence. Nomura's Bob Janjuah said stocks would likely surge on hopes for more monetary easing. But Janjuah also warned that stocks could fall all the way to 1,000 by the end of the year.
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