Trading could be more subdued after Monday
According to CNBC, stocks are likely to be more subdued Tuesday, taking their cue from the bond market and keeping a wary eye on Europe.
The U.S stock market shot higher Monday following world equity markets higher on optimism that European officials may move more quickly toward a closer fiscal union. The 16 percent jump in Black Friday weekend retail sales also helped boost sentiment.
Euro zone finance ministers meet Tuesday, and there is also an 8 billion euros Italian bond auction that traders are watching. In the U.S., S&P/Case-Shiller home prices are released at 9 a.m. EST, and consumer confidence is reported at 10 a.m. Tiffany reports earnings before the opening bell. There are also several Fed speakers throughout the day.
The Dow Monday was up 291 at 11,523, a 2.6 percent gain, and the S&P 500 jumped 2.9 percent to 1,192. The Nasdaq rose 3.5 percent to 2,527. Traders said stocks had become extremely oversold after last week’s near 5 percent decline.
Euro zone finance ministers meet over two days. Dolan said he’s watching to see if the euro zone finance ministers can come together and work out a plan to increase the fire power of the ESFS (European Financial Stability Facility).
To read more follow this link http://www.cnbc.com/id/45469916
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