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United States News Title: Stocks, Metals Rally on Greece Plan; Treasuries, Dollar Decline Feb. 11 (Bloomberg) -- Stocks rose, fuel and metals gained and Treasuries fell as investors speculated a European agreement to bail out Greece will help preserve the global economic recovery and inflation concern waned in China. The Dow Jones Industrial Average rose 110.12 points to 10,148.5 at 3:11 p.m. in New York, and the Standard & Poor’s 500 Index rallied 1 percent. The MSCI World Index rose for a third day, gaining 0.9 percent. Oil climbed 1 percent and copper advanced 5.1 percent, the most since August, after a pledge from European leaders to aid Greece convinced investors the country will avoid a default, limiting losses at European banks. The U.S. Dollar Index lost 0.8 percent. The S&P 500 has recouped about half its decline since Feb. 4, when speculation that growing budget deficits in Greece, Portugal and Spain threatened to push Europe back into a recession spurred the biggest selloff since April. China’s consumer prices rose less than forecast in January, boosting confidence the central bank will delay efforts to cool the world’s fastest-growing economy. The U.S. Labor Department said today that fewer Americans than economists anticipated filed claims for unemployment insurance. “The recent news on Greece has been very encouraging,” said Peter Jankovskis, who helps manage about $1.7 billion as co-chief investment officer at Oakbrook Investments in Lisle, Illinois. “Investors are growing more optimistic on their accord and more confident that the situation won’t have spillover effects to the U.S.” Greece Aid U.S. stocks rose after European leaders ordered Greece to get the bloc’s highest budget deficit under control and promised “determined” action to staunch the worst crisis in the euro currency’s 11-year history. Philip Morris International Inc. rose 3.7 percent after announcing a stock repurchase plan. Lennar Corp., the third- largest U.S. homebuilder by revenue, jumped 7.9 percent after buying a stake in $3.05 billion worth of loans from the Federal Deposit Insurance Corp. Activision Blizzard Inc., the world’s largest video-game maker, surged 9.6 percent to $11.07 after posting fourth-quarter earnings that topped analysts’ estimates. JPMorgan Chase & Co. rose 0.7 percent to $39.15. Europe’s Dow Jones Stoxx 600 Index rose 0.3 percent as basic-resources stocks rallied. Greece’s ASE Index fell less than 0.1 percent. The gauge has lost almost a third of its value since peaking in October. Greece is struggling to curb a budget shortfall that reached an estimated 12.7 percent of gross domestic product last year, with workers striking this week to protest against austerity measures shutting schools, hospitals and airports. Freeport, Exxon Freeport-McMoRan Copper & Gold Inc. and Exxon Mobil Corp. led gains among commodity and fuel producers as base metals and oil climbed in New York trading. Exxon Mobil, the world’s biggest energy company, gained 0.5 percent to $65.19. Freeport, the world’s largest publicly traded copper producer, increased 4.5 percent to $74.21. The MSCI Asia Pacific excluding Japan Index added 1.8 percent. China’s government said consumer prices rose 1.5 percent in January, lower than the 2.1 percent median forecast in a Bloomberg News survey of economists. China has been taking steps to cool an economy that expanded 10.7 percent in the fourth quarter, the fastest pace in two years. Copper futures for March delivery surged 15.1 cents, or 5.1 percent, to $3.14 a pound on the Comex division of the New York Mercantile Exchange, the biggest gain for a most-active contract since Aug. 21. Crude oil for March delivery added 74 cents, or 1 percent, to $75.26 a barrel at 2:57 p.m. in New York. Natural gas futures rose 1.6 percent as record snowfall and cold weather along the East Coast lifted demand and cut into a surplus of the heating fuel.
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Dow up 25% during Obama's term of office so far...I got back in not long after the stim was passed...(grin)
I've met quite a few Red's players, and Bengals players over the past thirty years or so, but thats the closets I come to being around pro athletes. Badeye [being Freudian] posted on 2007-03-29 16:32:21 ET Reply Trace
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