Housing Starts, PPI, Industrial Production

by devteam June 16th, 2010 | Share

After a steady rally pushed the stock market up more than 2% yesterday, investors are nervous about extending those gains today.</p

Concerns from Europe are back on the table as Spain may apparently need to tap into a credit facility to avoid turmoil. The Financial Times called the country “the next potential crisis in the eurozone bond markets.”</p

“This week the Spanish government and BBVA, Spain’s second biggest bank, admitted what investors have known for weeks: the country’s banks are on the brink of a funding crisis because their access to international markets is virtually closed,” the UK newspaper reported. </p

Economists at BMO noted that “Spanish 10-year yields are at a near two-year high, while the spread vs. German bunds is flirting with a record high.” They said markets will be watching closely tomorrow when Spain issues €3.5 billion in 10 and 30-year auctions.</p

Ninety minutes before the opening bell, Dow futures are down 52 points to 10,280 and S&P 500 futures are down 7.00 points to 1,102.25. </p

The 2-year Treasury note yield is 2.4 basis points lower at 0.734% while the benchmark 10 year note yield is 4.1 basis points lower at 3.268%.</p

NYMEX light crude oil is down 0.56 to 77.37, and Gold is up 1.60 to $1,236.00</p

The US dollar is benefiting from the renewed uncertainty. The dollar index is up 29 basis points to 86.27.</p

Key Events Today:</p

8:30 â€

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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