A wave of optimism helped to boost the confidence levels of investors during
the last trading session in the U.S. This positive push stemmed from news out of
the eurozone. European leaders reported that an official plan for solving the
European debt crisis would be made public at the end of this month. The primary
stock indices jumped higher during the initial half of yesterdays trading
session and remained above break-even through the course of the day. As of the
end of day close yesterday, the Dow Jones Industrial Average was higher by
330.06 or 2.97 percent at 11,433.18. The Nasdaq was higher by 86.70 points or
3.50 percent at 2,566.05. The S&P 500 finished the day higher by 39.43 points or
3.41 percent at 1,194.89. The positive tide of optimism spilled over into the
U.S. session after the German Chancellor and French President relayed that they
had come up with an action plan to resolve many of the debt issues currently
afflicting European countries. Skepticism of this plan is underlying, but it was
not enough to hold back the push of confidence that these words initiated. All
Dow components finished the day on the positive side of break-even. The dollar
dropped lower to the British pound and Japanese yen yesterday. November delivery
oil rose to 85.41 per barrel and gold and silver futures pushed higher as well.
Frank Matto
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