Investors today showed some enthusiasm based on the hope European leaders will soon come up with a concrete plan to deal with debt issues. Although no fixed plan has emerged, European leaders are talking and that was enough to send the major American and European indexes up. However, failure to find a solution, continued worries about the U.S. economy and an ongoing domestic battle over funding the federal government could quickly derail any market comeback.
The Dow Jones industrial average was up 2.53 percent, or 272.38 points, to 11,043.86; the Nasdaq was was up 1.35 percent, or 33.46 points, to 2,516.69; the Standard & Poor’s 500 was up 2.33 percent, or 26.52 points, to 1,162.95; and the NYSE composite was up 2.26 percent, or 152.79 points, to 6,923.52.
Thanks to the positive focus on Europe, Deutsche Bank AG (NYSE:DB) posted impressive gains today. Shares were up 12.21 percent, or $3.86, to $35.23.
UBS AG (NYSE:UBS) also was up sharply, perhaps due in part to optimism over Europe, but also due to a change in the CEO position at the scandal-plagued Swiss bank. Shares were up 8.27 percent, or $0.92, to $12.18.
Apple Inc. (Nasdaq:AAPL), according to a Morgan Stanley analyst, will cut iPad orders by 25 percent. Investors sent shares down 0.25 percent, or $0.98, to $403.32.
Eastman Kodak Co. (NYSE:EK) borrowed $160 million from its credit line for “general corporate purposes.” Shares plummeted 26.47 percent, or $0.64, to $1.75.
Commodities and Currencies
Oils was up 1.62 percent, or $1.29, to $81.14 per barrel. Gold continues its slump, dropping 0.40 percent, or $6.60, to $1,630.90 per ounce.
The euro gained 0.0019 against the dollar to 1.3510. The dollar lost 0.2200 against the Japanese yen to 76.4650. The British pound gained 0.0101 against the dollar to 1.5557.
European markets are up while Asian markets are trending down at this time.
Britain’s FTSE is up 0.! 45 perce nt, or 22.56 points, to 5,089.37; Germany’s DAX is up 2.87 percent, or 149.00 points, to 5,345.56; and France’s CAC40 is up 1.75 percent, or 49.23 points, to 2,859.34.
Japan’s Nikkei was down 2.17 percent, or 186.13 points, to 8,374.13; Hong Kong’s Hang Seng was down 1.48 percent, or 261.03 points, to 17,407.80; Singapore’s Straits Times was down 1.65 percent, or 44.49 points, to 2,654.31; and China’s Shanghai Composite was down 1.48 percent, or 39.98 points, to 2,393.18.
Foreign money-center banks was the day’s top-performing industry from a percentage-gained perspective, up 5.97 percent. Deutsche Bank, mentioned earlier, helped drive the industry. As did Barclays Plc (NYSE:BCS), up 9.14 percent, or $0.83, to $9.91.
The resorts and casinos sector was the worst-performing industry, down 3.78 percent.
Winners and Losers
MELA Sciences Inc. (Nasdaq:MELA) was the day’s best percentage performer, up 57.23 percent, or $1.82, to $5.00. Investors are reacting to news the company’s melanoma detection device is closer to Food and Drug Administration approval.
Helios & Matheson Information Technology Inc. (Nasdaq:HMNY) was the day’s worst percentage performer, down 39.44 percent, or $0.71, to $1.09. There was no recent news available on the company.