Score one for Spain. However, this short-term Spanish victory did not get Spain or Europe off the hook by a long shot. There's still much to be done and somewhere along the line someone has to bite the bullet.
China also appears to be slowing down dramatically and that could further exacerbate the contagion effect, not just for China but the entire world economy. This week could mark the most important week for the stock market. We are not convinced that the German courts or the public will okay the current new bailout fund. Stay tuned, as it's going to get very interesting.
TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500
|CONSUMER GOODS: +0.14%||Biggest Winner WWW +5.51%|
|SERVICES: -0.15%||Biggest Loser LBTYA -2.25%|
|HEALTHCARE: -0.30%||Biggest Loser ISRG -3.41%|
|ENERGY: -0.66%||Biggest Loser MMR -7.37%|
|TECHNOLOGY: -0.74%||Biggest Loser AMD -10.56%|
|FINANCIAL: -0.26%||Biggest Loser HST -0.96%|
|INDUSTRIAL GOODS: -0.09%||Biggest Loser TXT -3.01%|
|BASIC MATERIALS: -0.19%||Biggest Loser WDFC -4.30%|
|UTILITIES: +0.25%||Biggest Winner HTM +5.41%|
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