US stocks rebound overnight

Last Updated on Friday, 22 July 2011 10:50

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US markets are again testing multi year highs after a strong rally overnight. The market jumped on news that US debt ceiling negotiations and European Sovereign debt concerns are moving forward in a positive manner
EU members met in Brussels to put in place a plan for Greece. The ECB has signaled that it is prepared to allow Greece to temporarily default under a crisis, from which the ECB would respond with a bond buyback, debt swap but no new taxes. A EUR109 Billion aid package has also been approved by the EU. The EUR jumped on the announcements, rallying to two week highs
Market speculation is rife that Obama and House Speaker Boehner are close to a budget deal. However The White House has denied that is the case. The deal is rumored to include USD3.0 Billion in budget cuts and a promise of tax reform
Investment Banking giant Morgan Stanley rallied 11.42% $to 24.20 after its reported loss was smaller than expected and revenue beat market consensus
MFST reported with strong sales beating expectations, however the stock failed to fire in the aftermarket. Motorola spiked 12.4% after analysts urged the telco giant to explore its vast patented portfolio of technologies
Dow 152.50 pts, NASDAQ 20.20 pts and S&P500 17.96 pts
USD was weaker against the EUR as risk appetite rose on the back of the EU summit. The AUD rallied to a high of 1.0856 earlier this morning
Gold weakened as risk appetite grew, crude rallied to one month highs overnight