Expect a Spanish Inquisition
Though markets got off to a disappointing start Monday, the previous week was joyous for investors. Major U.S. equity indices climbed by more than 3% last week as China implemented a rate cut and hopes for a continued U.S. recovery got a boost from encouraging economic data. But the attention of investors continues to focus on the latest trouble zone in Europe: Spain.
A large part of last week's rally was attributable to news that Spain had accepted a bailout to help beef up its major financial institutions, theoretically staving off a run on the banks and perhaps a collapse of the country's financial system. Spanish stocks, which have been beaten down in 2012, rose sharply on the news. The iShares MSCI Spain Index Fund (EWP) was up about 10% last week, making it one of the best performers during that stretch....373 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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