NEW YORK (TheStreet) — The major U.S. equity averages were holding steadfast in positive territory early Friday afternoon as the European Central Bank pursued measures to boost banks on the continent and a growth package was put forth at a “mini” European summit in Rome.
The news provided a measure of relief for investors still digesting earlier statements from U.S. central bank officials that the Federal Reserve is unlikely to pursue any aggressive measures to stimulate the economy in the near term.
The Dow Jones Industrial Average was gaining 44.4 points, or 0.35%, at 12,618. The S&P 500 was rising more than 4 points, or 0.37%, at 1330, and the Nasdaq was ahead by 18.8 points, or 0.66%, at 2878. …
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Read this article: Stocks Stay Upbeat on Easing European Fears
NEW YORK (TheStreet) — Stocks lost ground Wednesday as worries about the stability of the eurozone bubbled up once again.
The major U.S. equity indices swooned late in the day following reports that Greek banks are seeing elevated levels of withdrawals ahead of the country’s crucial general elections this weekend. The vote is being seen as a referendum on the austerity measures Greece will need to adhere to in order to remain part of the eurozone.
Adding to the concerns was news that Egan Jones cut its rating on Spain to CCC-plus from B. Reuters said the downgrade was the ratings agency’s fourth cut for Spain since April. …
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Read the original post: Stocks Tumble on Eurozone Uncertainty
NEW YORK (TheStreet) — All eyes will be focused on Spain this weekend, and the events that transpire are likely to have the biggest impact on the direction U.S. stocks take in the coming week.
Eurozone officials are expected to discuss an aid package for Spain’s banks over the weekend.
“If they announce some kind of package that’s firm and fair, the market would rally,” said Adrian Day, president of Adrian Day Asset Management. “If they don’t, I don’t think it will fall a lot to be honest, because people have gotten used to people in Europe pushing things off.” …
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See the original post: Spain in Spotlight for Coming Week
NEW YORK (TheStreet) — While stocks are coming off a strong week, investors shouldn’t assume the S&P 500 is out of the woods just yet.
“The stock market is in the process of tracing out an intermediate-term reversal formation, in our view, which we think could take a couple of weeks,” wrote Mark Arbeter, chief technical strategist at S&P Capital IQ. “While the major indices appear to be tracing out double bottoms or inverse head-and-shoulders bottoms, many individual stocks as well as sectors have seen a lot of technical damage and will probably need time to repair their charts. This process will most likely keep the major indices in a volatile trading range in the weeks ahead.”
In commentary released during Friday’s session, Arbeter noted how the S&P 500 had been hovering around its 200-day exponential moving average of 1314 the past few days. The index booked a 10-point or so gain on Friday, but he thinks it will need to take out 1335, the high from late May, in order to complete a bullish reversal pattern. …
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Read more from the original source: More Volatility Ahead for Stocks: Analyst
NEW YORK (TheStreet) — Wall Street watchers eager for further monetary stimulus may want to be careful what they wish for.
The subtext of the message delivered by Federal Reserve Chairman Ben Bernanke on Thursday was that economic conditions would have to get much worse in order to merit more accommodation; be it an extension of Operation Twist or QE3.
The view of Julian Jessop, an analyst at Capital Economics, is that there have been no big surprises of late to merit getting worked up about the possibility of the world’s central banks swooping with a big rescue plan and that it may make more sense to hope things don’t deteriorate to the point where such a plan would be necessary. …
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Continued here: Market Preview: No Game Changers