Stocks Rise on Consumer Confidence, Italy Vote

[TomClash]

Source: http://www.bloomberg.com/news/2011-11-11/u-s-index-futures-rise-as-decline-in-france-italy-yields-ea

U.S. stocks rallied, preventing a weekly drop in benchmark indexes, as American consumer confidence topped estimates and Italy’s approval of debt- reduction plans eased concern about Europe’s debt crisis.

All 10 groups in the Standard & Poor’s 500 Index rose as 491 stocks climbed. Bank of America Corp. (BAC) and Citigroup Inc. (C) increased at least 3.1 percent as financial shares advanced. Caterpillar Inc. (CAT) and Alcoa Inc. (AA) climbed more than 2.6 percent to pace gains among the biggest companies. Walt Disney Co. (DIS) jumped 7 percent as the biggest theme-park operator reported a 30 percent gain in profit, beating estimates.

. . .

“Things are starting to settle back in,” Philip Orlando, the New York-based chief equity market strategist at Federated Investors Inc., said in a telephone interview. His firm oversees about $355 billion. “The expectation was that Italy and Greece were going out of business. That was overdone. We’re going to see some necessary austerity measures put in place,” he said. “In the U.S., the economic numbers have absolutely turned the corner and are starting to accelerate.”

Stocks extended gains as the Thomson Reuters/University of Michigan preliminary index of consumer sentiment rose to 64.2 this month, the highest since June. The median estimate of economists surveyed called for 61.5. Earlier gains were driven by a drop in Italian bonds yields as the Senate approved budget measures in a bid to allow for a new government. In Greece, Lucas Papademos, a former vice president of the European Central Bank, will be sworn in as premier of a unity government.

Read more: Bloomberg

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Hey, fellas, how about hiring a few of us all ordinaries?

[deadinsider]

1. And watch it drop 300 points next week.

This is such bullshit.

"We’re going to see some necessary austerity measures put in place"

Shit, that surely will increase consumer confidence (when there's no money left for most of them to spend).

Freaking hilarious.

[nebenaube]

2. So in other words...

The bloodbath begins on Monday... thanks for the heads-up Bloomberg!

[DeSwiss]

3. K&R

http://www.youtube.com/watch?v=g6bUUmelbyw">It All Goes Back In The Box