Wall Street Recap: Tuesday June 12th
By Robert Broens: Equity markets had a solid day after the big intra-day reversal yesterday. The S&P 500 closed the day 1.17% higher at 1,324.18 points. The Dow Jones Industrial Average managed to gain 1.31% and the Nasdaq closed 1.19% higher.
Markets in Europe ended with small gains. The EuroStoxx 50 ended the day with a modest gain of 0.27%. The German DAX-30 gained 0.33% while the Spanish IBEX-35 rose 0.09%. Despite modest gains in equity markets the sentiment on bond markets remained grim. Spanish yields hit new records, while Italian yields were on the rise as well. Rating agency Fitch warned that ratings of AAA-countries might be at risk of being downgraded as European leaders fail to bring the crisis under control. Consequently, yields on the German 10-year bund rose 12 basis points to 1.4%. Italian yields rose 12 basis points to 6.30% indicating that it might be the next victimComplete Story »