Minyanville's T3 Daily Recap: Greece Referendum Cancelled, S&P Back in Black for 2011
The S&P surged back into positive territory for 2011 after Greece's cancellation of the planned public referendum, closing the day up 1.9%.
The S&P surged back into positive territory for 2011 after Greece's cancellation of the planned public referendum, closing the day up 1.9%. With his government's viability crumbling, Greek Prime Minister George Papandreou made the announcement earlier this week that he would put the new, highly unpopular austerity measures up for a public vote. The surprise decision put last week's agreed-upon euro rescue package in serious doubt, and sent the markets plummeting. However, today Papandreou stated it was a political move that was never intended to actually take place.
Stocks showed resilience over the last two days despite the uncertainty in Greece, perhaps evidence that big players were confident the public referendum would never take place. The market filled Tuesday's gap and started to eat into Monday's losses as well. Tomorrow's jobs report will be crucial in the short term if the market wants to get back to highs from last week. Also boosting the markets today was a surprise rate cut from the ECB. As economic continues to disappoint, the committee decided to be proactive about trying to stimulate growth.
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