U.S. stocks rose on Monday, mirroring gains elsewhere in the world, as
investors bet the U.S. government's stress tests won't be that bad for banks.
Positive U.S. economic data showing pending sales of existing homes rose in
March added to investor optimism, though a rise in risk tolerance pushed U.S.
bonds and the dollar lower on a drop in safe haven bids.
Bank stocks, and Citigroup Inc (C.N) in particular, were the impetus for
the day's upward momentum as investors anticipate Thursday's release of results
of the stress tests.
The government has assessed 19 major U.S. financial institutions to ensure
they have sufficient capital to withstand the recession, with investors
expecting banks will have to raise $150 billion or more in fresh capital.
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MARKET REPORTS:
> GLOBAL MARKETS-US stocks rise agai on bank test optimism [ID:nN04419214]
> MONEY MARKETS-NYFR short term lending rates ease [ID:nN04456508]
> EMERGING MARKETS-Stocks, bonds rally on global optimism [ID:nN04536474]
> COMMODITIES-Key markets up, boosting CRB to 4-month high [ID:nN04418570]
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS
> US house sales and construction spending lift hopes [ID:nN04392840]
> Tense talks as US bank stress tests near completion [ID:nN04395186]
> Bank of America says no plan to raise capital, Citi quiet [ID:nN04399528]
> Chrysler gets court approval on loan, seeks sale to Fiat [ID:nN04390200]
> Fed officials see recession ending this year [ID:nN04419645]
> Obama vows tougher overseas tax rules [ID:nN04390481]
> Flu hit Mexico to resume business, pork row erupts [ID:nN04352304]
> Brazil April trade surplus doubles from year ago [ID:nN04317106]
> East Europe economies seen shrinking - EU [ID:nL4122638]
> Eurozone budget gap to more than triple by 2010 - EU [ID:nL4678529]
> Europe auto shake up looms, Porsche sale debated [ID:nL0605702]
> Eurozone manufacturing slowdown eases in April [ID:nL4593978]
> German March retail sales fall [ID:nL4532120]
> East Asia sets up $120 bln emergency fund [ID:nSP466904]
ANALYSIS RELATED TO GLOBAL ECONOMIC CRISIS
> US jobs data a stress test of its own [ID:nN01341566]
> Union, government control of US automakers seen a risk [ID:nN30154284]
> Mexico faces deeper recession on swine flu outbreak [ID:nN30198214]
> China growth seen boosting miners, autos, chemicals [ID:nLS802283]
> What the Fed is considering at this week's meeting [ID:nN27611182]
> Fed seen holding fire this week, taking stock of actions [ID:nN24447363]
> G20 pledges make hard work for finance ministers [ID:nLQ570304]
> China's big gold buy barely kept pace with forex [ID:nSP417869]
> US officials walk tightrope on bank stress tests [ID:nN22535525]
> Few patients ready to take new IMF vaccine [ID:nN23550135]
FACTBOXES
> Details of Chrysler bankruptcy, restructuring plan [ID:nN30323164]
> Fed purchases of agency MBS through April 22 [ID:nN28448776]
> TEXT-G7 communique-April 24 [ID:nN24515491]
> World government actions to limit bank bad loan damage [ID:nLL193589]
> Major US financial regulation reform initiatives [ID:nN20382395]
> Where has all the US bailout money gone ? [ID:nN0289041]
> US faces potential $10.9 trln economic rescue bill [ID:nN06393634]
> G20 summit final communique [ID:nL2577733]
> Key Obama financial regulation proposals [ID:nN26484944]
> US Treasury details toxic asset plan [ID:nLN437165]
> Q&A - How will the US asset clean up plan work ? [ID:nN23293892]
> US Treasury fact sheet on investment program [ID:nN23190502]
> Federal Reserve statement after March 17-18 meeting [ID:nN18366605]
> Bank of Japan on subordinated loans to banks [ID:nT326441]
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