Markets worldwide rallied today on news that European Union leaders will allow troubled banks to access emergency funds, temporarily reducing global anxiety over the continent's growing debt crisis. OutFront tonight to discuss are Stephen Moore of the Wall Street Journal editorial board and Jim Kessler, senior vice president for policy and co-founder of Third Way, an economic think tank.
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I like what Stephen Moore said about not being too euphoric because the market was just recapturing its earlier losses. If you pulled your money in mid-March, back when they were rioting in Athens in the wake of the bailout/default, and didn't look at the Dow again till today, doesn't really look like it's moved much at all in that time. In fact, it's probably gone down a couple hundred points since...
(Ironically, I can't remember how many financial journalists I saw that week, flashing that Barron's headline about "Dow 15,000!" or pontificating on how it'd go to 17,000.)