Stocks Continue to Rally on Eurozone Bailout Hopes
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Stocks in the U.S. are continuing where they left off Monday as equities around the world got a shot in the arm on hopes an aggressive European bailout plan is in the works.
The Dow closed up 146, the Nasdaq rose 30 and the S&P 500 closed up 12.
In Europe, the FTSE rose 4 percent and the DAX is up 5 percent. Japan's Nikkei rose 2.8 percent while Hong Kong's Hang Seng rose 4.2 percent.
Reports surfaced Monday afternoon suggesting European finance ministers were planning an aggressive bailout plan similar to the U.S. TARP plan from three years ago. Under the plan, some EFSF funds would be used to shore up European bank capital. Funds would be used to set-up a European investment bank, and a special-purpose vehicle which would lever-up EFSF funds, issue bonds, and buy sovereign debt.
Some in Germany are downplaying these reports ahead of a vote on September 29th.
In addition to the upside seen in stocks, gold and silver are staging an impressive rally after selling-off aggressively recently.
The Dow closed up 146, the Nasdaq rose 30 and the S&P 500 closed up 12.
In Europe, the FTSE rose 4 percent and the DAX is up 5 percent. Japan's Nikkei rose 2.8 percent while Hong Kong's Hang Seng rose 4.2 percent.
Reports surfaced Monday afternoon suggesting European finance ministers were planning an aggressive bailout plan similar to the U.S. TARP plan from three years ago. Under the plan, some EFSF funds would be used to shore up European bank capital. Funds would be used to set-up a European investment bank, and a special-purpose vehicle which would lever-up EFSF funds, issue bonds, and buy sovereign debt.
Some in Germany are downplaying these reports ahead of a vote on September 29th.
In addition to the upside seen in stocks, gold and silver are staging an impressive rally after selling-off aggressively recently.
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