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tdp2664 InvestorPlace The sands of time are sinking, but it still looks as if stocks want to take one more shot at the upside before the year-end rally runs into heavy resistance (probably during the first half of December). After Wednesday’s smash, a few pieces of cheerful news popped up Thursday and again Friday — enough to hoist the Dow over 350 points across those two days, out of danger territory for now. First, that key gauge I told you to watch in Tuesday’s blog — Italian 10-year bond yields — eased to about 6.5% at the end of the week. Italy certainly isn’t out of the woods yet. However, it’s a relief that the country’s government-bond yield fell back below the perilous 7% threshold. Recall, it was a spike above 7% that forced Greece, Ireland and Portugal to seek bailouts from the EU. Italy’s public debt, at $2.6 trillion, is bigger than those other three nations’ combined. So if Italy’s borrowing costs really were to ring the 7% “plague bell” for more than just a day or two, there’s good reason to fear that Europe’s financial woes would quickly escalate. In other upbeat news this week, the Labor Department reported that its weekly count of
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