As the second Greek bailout initiative is wrapping up, European leaders are finally shifting their sights away from budget cutting. While they’ve chosen to refocus on promoting economic growth, leaders will need to dive head first into the proposed efforts to ease the onset of recession. As usual, investors are on edge and feeling minimal optimism that the plan will heed any results. Back on Wall Street, mortgage-backed securities took a sizable jump this morning amidst the ongoing financial turmoil abroad.
What’s Up on Wall Street?
Stocks rebounded nicely yesterday after posting losses on Wednesday. The Dow Jones Industrial Average climbed 28.23 points (0.22 percent) to gain back more than half of the points lost on Wednesday (53.00). The Nasdaq Composite jumped 22.09 points (0.74 percent), and we should now keep an eye on the Nasdaq’s activity to see when it will close above 3,000. The S&P 500 rounded out the bunch by gaining 8.41 points (0.62 percent).