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Global Markets Rally on Spain Bailout

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By Douglas A. McIntyre Updated Published
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The hope that a $125 billion bailout of Spain and its banks will create a clean break with Europe’s months of sovereign trouble drove global markets higher. Among others, the Spanish market rose 5%.

To some extent because of pressure the bailout will take off of their own banks, Germany’s Dax rose 2.4% to 6,276. The German economy has started to deteriorate along with the rest of Europe. France’s CAC 40 was up 2% to 3,115. President Hollande did not get what he wanted out of the Spain deal, which was a precedent for stimulus.

The UK’s FTSE 100 rose 1.7% to 5,255. Leaders in the UK have said the troubled economies of Europe will hurt its export prospects. However, Spanish leaders said that the bailout will not keep it from a long period of economic trouble dragged to a large extent by 25% unemployment.

Most of Asia’s markets also rose on the Spain news. The Hang Seng rose 2.3% to 18,919.

The tests for Europe are actually not over. Greek elections occur on Sunday, and voters there could still reject austerity measures by voting for candidates who do not favor them.

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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