Eurozone Bailout Shifts Sentiment on Wall Street

by devteam May 10th, 2010 | Share

Stocks are trading much higher overseas and equity futures look to open sharply higher in the US as global support for the European debt problem grew dramatically this weekend.

Over the weekend, finance ministers from Europe agreed on a €750 billion (nearly $1 trillion) rescue package to fight the debt crisis. The European Central Bank also agreed to begin purchasing European government bonds, with regional branches already purchasing bonds this morning. The Federal Reserve also re-authorized currency swaps with the ECB, the Bank of England, the Bank of Canada, and the Swiss National Bank due to the “re-emergence of strains” in European markets. Also, the IMF, which has approved €250 billion of loan guarantees in the above-mentioned program, also approved a €30 billion loan to Greece, which is part of a larger and distinct €110 billion bailout program.

One hour before the opening bell, Dow futures are up 376 points to 10,711 and S&P 500 futures are trading 45.75 points higher at 1,152.75. The 2 year Treasury note yield is 7.6 basis points higher at 0.896% and the 10 year Treasury note is 14.2 basis points higher at 3.562%.

The June NYMEX crude oil contract is up $2.56 to $77.67, but Spot Gold is down $13.20 to $1,197.20.

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No significant economic data.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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