The markets are pumped up on news that the European Union put together a one TRILLION dollar "package" to save the Euro. It looks like it will consist of a reserve fund available for stressed member states to tap.
From the AP:
BRUSSELS (AP) - The European Union put up a staggering $1 trillion Monday to contain its spreading government debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery.
European leaders negotiated into the early hours of Monday before reaching a deal in which governments that use the euro would join the EU and International Monetary Fund in putting up euro750 billion in loans available to prop up troubled governments.
The European Central bank will buy government and private debt to keep debt markets working and lower borrowing costs, a crisis measure dubbed the "nuclear option," while the U.S. Federal Reserve joined with other central banks in the effort, reactivating a currency swap program used during the earlier stages of the financial crisis to ship dollars overseas to be pumped into banking systems as short-term credit.
The only Dow stock not participating in today's rally so far is poor ole' Walmart, down just a bit, as people who flocked to WMT shares for safety last week now exit them.
Two other stocks not enjoying today's upside are BP and Transocean. BP is flat and Transocean(RIG) (which I suggested to readers last Thursday) is down 2%, after the 40 foot dome that had been towed out to the gulf to "cover" the oil leak failed to do the job.