Markets Rally on Hopeful Signs about Economy and Greece (AMZN, MS)
Major indices had a strong showing today as several indicators of an economic recovery were released, and the S&P 500 hit a 9 month high. Among the good news was a report that foreclosures in January were down by 19 percent from the same month a year prior. In corporate news, Amazon (AMZN) stocks were down after Morgan Stanley (MS) downgraded them on grounds of increased competition from Apple (AAPL) and the decline of sales of physical media.
Word on the Street
- A slew of positive economic data came out today, sending stocks up.
- Foreclosures fell 19 percent year over year in January, though they are expected to start climbing again.
- Amazon (AMZN) shares fell today after Morgan Stanley (MS) downgraded them.
- Federal Reserve Chairman Ben Bernanke assured banks that the low federal funds rate would be go for them in the long run.
- The European Central Bank has swapped its old Greek bonds with new ones issued by the same country.
- The US and China are in negotiations to sign a new agricultural agreement.
Published on Feb 16, 2012By InvestorGuide Staff