Spain Requests $100 Billion Euro Bailout From European Union – Acadiana Business Index
- The Dow Jones, S&P 500, and NASDAQ were all looking to open 0.5% in the green. Investors are optimistic heading into the opening bell after some encouraging international news over the weekend.
S&P 500: 1,325.66
Nasdaq Composite: 2,858.42
- As expected, Spain did request a 100 billion euro bailout from the European Union, increasing speculation that the country’s banks would receive recapitalization funding. In addition, Chinese economic data was encouraging, exports were better-than-expected and inflation eased, curbing fears of a slowdown in the world’s second largest economy.
- Financial stocks are showing strength in pre-market action. Bank of America is up 2.3% and Citigroup is higher by 1.8% ahead of the open. Industrial and material stocks are also higher following the positive Chinese data. Alcoa is in the green by 0.9% and Caterpillar is advancing 1.5%.
- In other news, Apple is up over 1% as the company is expected to unveil details surrounding their new operating system. Shares of Facebook are down 0.6% after closing 3% higher in Friday’s action. Navistar climbed over 7.5% on a report that automaker Volkswagen may take a stake in the company.
- In bondland, Treasuries are near breakeven with the 10-year note unchanged to yield 1.64% and the 30-year bond higher by 4 ticks to yield 2.74%.