Market Wrap: Europe Getting Serious on Debt; Papandreou FTW; Homes Worth Slightly More; Boeing Soars on Dreamliner

Market wrap-up for September 27th.

End of the Day: Dow Jones up 146.8 to 11,190.69; Nasdaq up 30 to 2,546.83; S&P 500 up 12 to 1,175.38

The following is a brief summary of events moving markets today:

• European debt solutions begin to gel: Stocks stage rally today on Eurozone bailout hopes. Finance ministers are getting closer and closer to sealing the deal with plans for European Financial Stability Facility (EFSF) expansion and the European Union to "aggressively" recap its banks. Though U.S. markets were stronger all day, they lost a little steam heading into the close.
  
  
• Papandreou scores victory with new tax: Greece's Prime Minister George Papandreou won parliamentary backing for a property tax aimed at assisting with the deficit reduction. Votes were 155 to 142 on the measure. The move may satisfy some measures set forth for Greece to meet before any further bailout funds are issued.
  
  The tax will be on electric bills, and contribute 1.1 percent to GDP.
  
  
• Foreclosures keep prices in check: The Case-Shiller index fell 4.1 percent in the 12 months through July, compared to a revised 4.4 percent dip in June. After adjusting for seasonal changes, home prices changed little in July from June.
  
  Foreclosure investigations are cited as one reason behind the slight uptick in prices. The numbers also come in the busy summer home buying season.
  
  
• Boeing launches 'it's real'-liner: Boeing's (NYSE: BA) 787 Dreamliner was beginning to closely resemble its name: a dream. Just mentioning it in casual conversation would evoke stares, welcome ridicule, and cause babies to cry. "Dreamliner!" a normally-kindly old man would scoff as he passed by, smartly dressed with a flat cap, tweed sport coat, and Velcro shoes (buffed, of course). "More like fantasy-liner. Or never-liner!"
  
  But, after 2+ years of think-ering, tinkering, and testing, the 787 is off and flying to Japan on its maiden voyage.
  
  Mention the Dreamliner now? You'll be met with a hardy handshake, pat on the back, healthy glass of 18-year-old scotch, and a kiss from a pretty girl. People might even carry you around on their shoulders, Champ. All we can say is, "Thanks, Boeing!"
  
  
• It's a date!: Apple (Nasdaq: AAPL) has confirmed there will be an iPhone event on October 4th at 1pm EDT. Finally!

Click here to go to Streetinsider's Full News Feed and never miss a beat!

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Midday movers: PepsiCo, JetBlue fall; GM, Danaher and UPS rise
• Apple loses top spot in China market with shipments down 6.6% in Q1, data shows
• Apple's June guidance will miss Street estimates - Barclays