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| | | | | | STOCKS BOOM AFTER EUROPE SOLVES NOTHING: Here's What You Need To Know Sam Ro | Dec. 9, 2011, 4:00 PM | 455 | Advertisement
 Day five of Europe's hell week came with stocks recovering most of yesterday's losses. First, the scoreboard: Dow: +186.6 pts, +1.6%
S&P 500: +20.8 pts, +1.7%
NASDAQ: +50.5 pts, +1.9% And now, the top stories: - Last night, we learned that all 27 EU countries would not support a treaty change, thanks to the UK. This seemed to cause some tension between French President Nicholas Sarkozy and UK Prime Minister David Cameron.
- Markets nevertheless responded positively to developments out of the EU summit. Some of the decisions: accelerate the ESM to March 2012 and and cap it at €500 billion; lend up to €200 billion in additional funding to the IMF; limit annual sovereign structural deficits to 0.5%. ECB President Mario Draghi applauded the results of the summit, calling it "a very good outcome."
- The risk trade was back on. The 10-year Treasury yield rose back above 2%, and as usual financials showed strength. Citigroup, Morgan Stanley, JP Morgan all climbed by more than 3%. Bank of America climbed 2%. See Also: Morgan Stanley Reveals Its Commodity Predictions For 2012 >
- We had some economic data today that largely went unnoticed. The trade deficit narrowed to $43.5 billion in October, Michigan consumer sentiment increased to 67.7, beating the expectation of 65.8.
- Two bellwethers announced Q4 warnings before markets opened. Last night, semiconductor giant Texas Instruments slashed revenue and earnings guidance blaming "broadly lower demand across a wide range of markets, customers and products." DuPont cut earnings guidance blaming slower growth "driven by global economic uncertainty." DuPont shares fell 3.2%, but Texas Instruments closed flat.
- After a drawn out dispute, the National Labor Relations Board withdrew charges by the machinists union against Boeing. Shares closed up 2.5%.
- According to CBS's 60 Minutes, Warren Buffett is expected to be succeeded as Berkshire Hathaway's board chairman by his son Howard. According to the WSJ, Howard will be "guardian of the company's culture."
- Don't Miss: OPPENHEIMER: 12 Big Stories That Will Dominate 2012 >
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