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Subscribe to RSSWall Street staged an afternoon rally after a bumpy start Wednesday after European leaders pledged to assist Greece avoid defaulting on its massive debt load.
At the closing bell, the Dow Jones industrial average was up 140.81 points, or 1.27 percent, to 11.246.66. The Standard & Poor's 500 index rose 15.81 points, or 1.35 percent, to 1,188.68. All 10 industry groups in the index rose, led by industrial stocks. The Nasdaq composite rose 40.40, or 1.60 percent, to 2,572.55.
According to the Associated Press:
The leaders of Greece, France and Germany agreed in a teleconference that Greece was an "integral" part of the 17-nation bloc that uses the euro. Greece also agreed to abide by agreements to trim its debts. The statements were intended to calm fears that Greece was headed for a default on its debt or might be forced to exit the euro.
The threat of a Greek default and the damage it could wreak on financial markets has had investors on edge in the past two weeks, lifting Treasurys and weighing on stocks. The yield on the 10-year Treasury note hit a record low on Monday of 1.87 percent and the S&P 500 has only risen three days this month.
Earlier in the trading day, the Dow was down 112 points.
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Europe's woes
raise global
recession risk
EU officials to warn of another credit crunch
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Funny but these are the two stories just below this one on MSNBC home page. I guess the markets will sink tomorrow because of them. It would be so nice if the writers of these article really had a clue as to what they are writing about.
P and D that's all it is.
Here's tomorrows headlines from PMSnbc: Dow drops on fears of Greece's massive debt load! Next day, Dow up because we did not talk about Greece's massive debt load. Next day, Dow is down, because we talked about Greece's massive debt load!, Dow down, dow up, dow down. Get real PMSnbc, change topics, or go out of business...............same stuff all the time.
SO ? It will be down 300 points again soon. This means nothing in the big picture.
ARIFELIFE - Agreed. CNBC is even worse, Today was "Market Rallies on Greece optimism".
So let me get this straight, Government intervention is required to bail out their debt obligations and the Market sees that as Bullish? What a joke...
It's beginning to appear that the international debt has become to big a burden to bear. Who holds the straw and when will it be dropped?
Very disappointing news.
We have a global economy...Wages in china are 10 cents per hour,we must compete with that or were toast.
The mandate on min wage needs to end now...
That's ridiculous. YOU work for 10 cents an hour. I wont. We need to SCRAP "Trickle down" and tax the HECK outta the companies who have a HUGE profit % to payroll and give the working middle class a tax rate of ABSOLUTE 0...... and free healthcare. This way the "working middle class" will have some expendable income. 75% of our GDP is reliant on consumer spending. TRICKLE DOWN SUCKS.
Is the Associated Press reporting the real news? 9/14/11
Tuesday 13 September 2011
Rabobank and the finance ministry are preparing for Greece to go bankrupt, according to media reports on Tuesday evening. Finance minister Jan Kees de Jager told broadcaster RTL Z that the ministry is preparing for 'all likely and unlikely scenarios'. After being pressed, De Jager admitted that talks on a potential bankruptcy are being held in 'deepest secrecy' with the central bank and other European countries. 'A sensible cabinet is prepared for all eventualities,' he said.
Sources in The Hague told the Financieele Dagblad that the Netherland, Finland and Germany have no confidence that Greece will manage to carry out all its spending cuts. 'The question is no longer if but when the Greek debt will be restructured,' the paper said.
Banks
Earlier, the Financieele Dagblad reported that Rabobank is also readying for a possible Greek bankruptcy. Rabobank chairman Bert Bruggink told the paper that Greece would go bankrupt. 'The only question is when,' the paper quoted him as saying. A spokesman said later the bank had 'all the scenarios' for a possible default ready. ABN Amro said it had no specific plans but was looking at the risks.
© DutchNews.nl
Reader's comment: of course Greece will go bankrupt - duhh, that's a no brainer. bankruptcy means that most of the tax payers money (ie: billions of euros) that was lent to the country over the last year, will not ever be paid back! and with no gain to show for giving Greece all that money. now I understand why people try and avoid paying taxes, completely understand it
Um, MSNBC...how come this story is halfway down the page, however any time we have a day when all the numbers are down you come out with a hysterical boldface headline screaming that they sky is falling?