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Investing

Europe Stages Major Rally On Eurozone Debt Hopes

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By Douglas A. McIntyre Published
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Angela Merkel said the debt solution for the region would be a marathon. French president Sarkozy worried that the eurozone could break apart. The ECB may not be part of a bailout program. But, Europe rallied.

The FTSE 100 was up 1.52% to 5,573. The DAX rallied 1.73% to 6,143.

Banks were at the core of the rally due to a belief that a eurozone debt solution could save them hundreds of billions of dollars in write off. Auto stocks move higher after monthly US sales reached two years highs.

Perhaps surprisingly, mining stock moved up, perhaps because a global recovery will cause demand and therefore inflation. According to MarketWatch, BHP Billiton (NYSE: BHP) was up 4.5%.  BP plc (NYSE: BP) rose as oil stayed above $100.

The mood in Europe may change quickly after US unemployment figures are released to 8.30 AM EST, which would be toward the close of the European markets. If the numbers are weak there could be a sharp downdraft before the end of trading..

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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