U.S. stocks are liftingsince 11:30am ET, because Europe has closed...
The spreads on debt in peripheral countries like Portugal, Greece, Italy and Spain has widened compared to German debt...the stock markets in those countries closed near their lows for the day, all down 2 to 3 percent.
As Europe has closed, the euro is coming off its lows...the dollar is a little weaker.
All this renewed worry is keeping pressure on both European and U.S. financials, but the rest of the market is shrugging this off again. Defensive names strong:
- Procter & Gamble ,
- Coke ,
- Pepsi ,
Colgate all up fractionally — but so are some big industrials like:
- Caterpillar and MMM .
Bottom line: there is a perception that everything is temporary. That's why traders are frustrated and many have turned from fundamental models and are more often trading on momentum models.
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