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Subscribe to RSSWall Street opened sharply higher Monday, driven by optimism amid news that the leaders of France and Germany have vowed to strengthen Europe’s banks to help them deal with the region’s sovereign debt crisis.
The Dow Jones industrial average was lately up over 270 points.
Reuters reports that the leaders of Germany and France have “promised to unveil new measures to solve the euro zone's debt crisis by the end of the month, as international pressure built for bold steps from Europe to avert a global economic backlash.”
The upbeat view on Europe was also due to news that Franco-Belgian bank Dexia has agreed to the nationalization of its Belgian banking division and has received $121 billion in state guarantees. The rescue could pressure other euro zone governments to strengthen their banks, Reuters said.
Trading in the United States is expected to be lighter than usual Monday, as government offices and bond markets will be closed for the Columbus Day holiday.
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This is just more bad news for the haters and protesters of the evil "Wall Street" rich folks. The protest fires will be fueled by the media and their positive economic news of the recovering stock market that will do nothing but fill the pockets of the rich.
This is not positive economic news, its Governments propping up Banks. Is that really Positive?
. . . and tomorrow they will crash on news of a fart in Bimini . . .
This SHORT article, and the one presented yesterday, does NOT PROVIDE INFORMATION on the bailout.
What is missing is how much the IMF is going to be involved.....with the U.S. being the largest contributor to the IMF. I wonder if Mr. Geithner or Mr. Bernanke was at the "meeting" to discuss the U.S.'s involvement in the "bail-out".
And, I agree totally with kevinoffsite. Get governments involved in anything and watch what happens.
Just wait until France's and Germany's GRAND PLAN is revealed and then the DOW will take a steep dive. I wonder how that will be spinned.
This is neither positive or negative news; it's no news at all.
Promising to "do something by the end of the month" is like a drug addict saying he will get help after one more hit.
Say a few key words, shuffle a few papers around, take a few pictures of leaders shaking hands and BOOM....Problem solved!....See how easy that was! With criminal bankers and corrupted governments in control why would we be even slightly concerned that this might not turn out so well?
well well i have to work...what the hell...the average america got to work..while the rest plays,,,now theres something wrong with this picture and has been since this @!$%# began..if government and state gets it off with pay why not the rest of america people...this is just another way we get — — — K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's too bad that the "average American" apparently did not graduate high school. A person cannot expect to get a good job if they can't even capitalize their words. I shudder to think how his résumé reads.
Keep in mind that your jobs did not always come with horribly low wages and no benefits. In fact, many jobs used to give you pensions and benefits, compared to relatively few today.
This is encouraging news but there is a long winding road ahead in Europe. Any one of the 17 countries can derail a solution. If Malta or Luxembourg disagrees we can still have a 500 point DOW drop!
Great news! Everyone should jump back into the market before they miss the rally.
Bail Out again!! Why do the Tea Baggers have no problem with throwing money a banks ?? Wall Street is like a Crap Game except when you loose the tax payer covers your losses !!
I guess you forgot that Obama voted in favor of TARP which bailed out the banks, and it was the Tea Party that formed as opposition to it? Well, that's okay. Your a left winger and everyone realizes you have selective amnesia which is common to the left.
Rule, you are clueless, that is exactly the thing the Tea party is against!
Heya guys and gals.....
Didn't your get the Liberal memo ?
It states that anything the opposing party is recommending to bring down the National Deficit, foster economic growth, reduce unemployment, and stabilize prices will be "cloaked" as if the recommendations came from the Liberals. Then they are to use those recommendations as talking points saying the opposition are "obstructionists" and "responsible" for the failed Obama administration domestic and International policies.
This Reverse psychology tactic is NOT GOING TO WORK and just amplifies Mr. Obama's Liberal "Circus atmosphere".
I love how people project their ideas onto certain organizations, along with a dose of selective amnesia. You say that the TEA Party formed because they rejected TARP? That is false. Their first rally was to oppose taxes and call for fiscal responsibility in New York. Their first nationwide rally was not about TARP either, but about the Homeowners Affordability and Stability Plan (which was opposed because it subsidized bad behavior on the part of the people taking the loans). They have also protested the Stimulus, but TARP passed before they organized.
Gary, people that keep talking about the left and the right, conservative and liberal really don't see the big picture. You're just a little boy who needs the world divided into two easily understood categories...good/bad black/white heaven/hell. People that find it easy to divide the world into good / bad make for good citizens of totalitarian regimes, which means you would have done very well in either a communist, monarchy or national-socialist country. This wasn't the mind-set of the Founding Fathers who carved this great nation from the belly of the English Empire. You would have been a redcoat, or a brown shirt or maybe a red-guard.
Anyone that does not understand that the Euro WILL collapse within the next two years, probably sooner, is just fooling themselves.
Just as in the US, the countries in Europe are not addressing the core issues of their fiscal problem and making the necessary changes to put their countries on a fiscally solvent course.
Germany and France are currently making "lip service" to propping up the Euro. There is no fiscal plan. The plan is "to be announced".
Those who are listening to and believing the current "lip service" about fiscal bailout and propping up the Euro banks, will soon realize that the countries involved are sending good money after bad, simply attempting to delay the inevitable collapse of the Euro.
This "announcement today" is a attempt to pass the fiscal responsibility can "down the road", just as the US is doing without having a true fiscally responsible plan.
Without basic fundamental fiscal change to how these countries operate, the Euro collapse is inevitable, (just as the fiscal collapse is in the US)
What part of, a country can not spend more revenue than it brings in, do you not understand.
Agree with you MtMike. Central bankers are criminals and so are politicians. Deceitful magic tricks. Just as in the U.S., the debt is not being paid off, eventually the taxpayer will get the bill.
Sucks to see oil shooting up. Gas prices will probably be jumping by the end of the day, just what American consumers need... NOT!
lol.
Especially MOPAR fans!
This is a real shame, republicans want the DOW back down under 7,949 where Obama owned it on his first day in office.
Truthteller!
Please explain how a country can borrow their way out of debt, robbing future generation or their wealth, leaving the current debt for them, with no responsible plan on how to pay off the current borrowing, spending and demand for immediate gratification.
This fiscal crisis has nothing to do with Republicans, the crisis does have to do with fiscal responsibility, crooked bought and paid for politicians, and thieves, operating the world wide monetary system.
The Euro has already crashed, they are just looking for a place to fall down. Why in the world would anybody believe that any economy in this day and age under the control and pervasive corruption and greed of the elite would survive? Wake up! The fed creates money out of thin air, loans it to their central banks who in turn loans it to the governments with interest and the governments use the money to bail out the banks and financial institutions, all the while the tax payer, you and me foots the bill. Article 1 section 8 of the constitution allows us the Americans the right to coin our own money, why do we allow the elite to set our agenda and steal our wealth? The Act of 1871 which was enacted illegally, changed Washington DC to a corporation (look it up). It is called the United States of America Corporation. The Federal Reserve Act of 1913 illegally enacted during a recess of congress allowed a Central Bank through the Fed, to pillage our country and funnel our wealth to the 1 %. We have all been asleep for too long. It is time to reclaim our sovereignty as the owners of our country. End the Fed and the illegal fractional reserve banking system which will keep us in debt and slaves forever if we allow it. The Stock Market is just a side show, we have to end the Federal Reserve, which is neither federal or a reserve.
Since apparently the EU leaders know how to keep Greece from spending beyond her means, without significant societal pain, please let we Americans know so we can pay back out 15 trillion debt by lets say Christmas.
Great, more tax dollars going to corrupt banks.
Without any accountability, how do you expect these banking business to change. Answer: they won't.
What needed is a new constitution based on freedom of choice and equal rights. Not this old one written only by white men of wealth slave holders.
really?? can you still be that far behind??
Truth, Take your Progressive idea's and shove them where the sun dosen't shine.
The stock market moves from soaring to plummeting to soaring to plummeting about three times a week now. And, the media comes up with an explanation every time....Who cares? Except that they have chased the average person away from this fiasco....
It seems funny to me that Europe's economy is in toilet one day, and on an upswing the next!
So is the US. Wall Street down then up then down like a roller coaster at Six Flaggs only not so funny, and making my stomach sick~
The United States economy is no longer the driving force in the world. We have forsaken our role as leader and become a reactionary economy. Germany/France bankers make a statement of support for the Euro and our stock market reacts like it's a holiday or a civil disruption in the Middle East sends them scurrying for the bomb shelter. It is starting to make more and more sense, if you have the ability to do so, to convert a larger share of you portfolio into precious metals or stones. I truly believe that we have some very hard times ahead. Most of the low and middle class are already there. Dispite what we are told by the capitol hill economists and bankers, the worst is yet to come. The American people are generally pretty flexible and understanding until you cut the credit card in half in front of them or tell them their retirement investments are worthless. Then we will see the same type of civil disorder we have seen in some Europen countries.
poor, trying to figure out how to pay rent and eat. no jobs, no hope and living with family! Wall Street Lies to us trying to make us think our economy is good.
even if you have jobs and money, you better downsize BEFORE you have to!! Bad times coming!
So, I am going into my local B of A and I'm going to ask for a loan to pay my employees in my business that isn't making any money anymore but I PROMISE THAT IF YOU GIVE ME MONEY I'LL PAY IT BACK SOMEHOW!!!
And Wall Steet Booms!!!
C....Make a contribution to Obama, and you are in.....
Religion is a sucker market. Crackers and cheap wine, oh that will do it.. give and give till it hurts and give some more. Or you to can buy some apple stock,from the God that keep giving back.
Oh, and may god can bless you..