U.S. Investors Breath Easier As Eurozone Yields Calm
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US investors are reacting favorably as yields in both the Italian and Spanish bond markets pushed markedly below a key level this morning.
After climbing to near-crisis levels around 7 percent, the yield on the Italian two-year note has fallen below 6 percent to 5.98 percent this morning. The Spanish two-year note is down to around 5.43 percent.
The price of bonds pushed higher Friday as the ECB stepped in to buy the debt.
Elsewhere in Europe, Greece's Papademos was successful in gaining Cabinet approval of the final 2012 budget plan. Sources say the plan cuts the nation's deficit shortfall by nearly half.
ECB President Mario Draghi, speaking in Germany earlier, opposed calls for the Bank to play an even further role in alleviating the Euro crisis, instead suggesting it’s on countries' individual leaders. Draghi maintains the ECB would lose credibility if it got too involved in procedure outside of keeping inflation in check.
The Dow closed up 25, the Nasdaq lost 15 and the S&P 500 was flat.
After climbing to near-crisis levels around 7 percent, the yield on the Italian two-year note has fallen below 6 percent to 5.98 percent this morning. The Spanish two-year note is down to around 5.43 percent.
The price of bonds pushed higher Friday as the ECB stepped in to buy the debt.
Elsewhere in Europe, Greece's Papademos was successful in gaining Cabinet approval of the final 2012 budget plan. Sources say the plan cuts the nation's deficit shortfall by nearly half.
ECB President Mario Draghi, speaking in Germany earlier, opposed calls for the Bank to play an even further role in alleviating the Euro crisis, instead suggesting it’s on countries' individual leaders. Draghi maintains the ECB would lose credibility if it got too involved in procedure outside of keeping inflation in check.
The Dow closed up 25, the Nasdaq lost 15 and the S&P 500 was flat.
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