Stocks shake off early blues, stage strong rally
UPDATED at 2 p.m.
Stocks shook off a slow opening but have since rocketed to a strong day on all major indexes.
As of 2 p.m., the Dow is up 1 percent.
The broader S&P 500 is up 1 percent and the tech-heavy Nasdaq is up 1.4 percent.
The rally isn't based on the EU bailout of Greece -- because it's not really a bailout yet. The EU said it could help Greece, but Greece hasn't asked for money. So that's got no impact. Instead, it looks more like today's action is coming from currency and commodity trading.
It may also be partially attributable to this morning's better-than-expected news on new jobless claims. But the markets don't really think the underlying economy is as strong as the White House says it is.
Stocks down at opening
9:54 a.m.: Stocks are down at opening, despite hopeful news on unemployment in the U.S. and reports that Europe has reached a deal to save Greece.
In the first 20 minutes of trading, the Dow is down half of 1 percent.
The broader S&P 500 and the tech-heavy Nasdaq are both down nearly six-tenths of 1 percent.
New jobless claims filed last week dropped unexpectedly by 43,000 to 440,000, the lowest total in a month.
In Europe, leaders of the 16-nation European Union struck a deal to provide aid to Greece in an effort to prevent that country's debt problems from dragging down the entire continent.
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February 11, 2010; 2:00 PM ET
Categories: The Ticker , Wall Street | Tags: Dow Jones, Greece, jobless claims, nasdaq, s&p 500
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