Markets Float Up As Egypt Issues Fade
The markets opened lower as worries over Egypt were rampant. Just yesterday afternoon, President Mubarak told his people he would not resign. The markets opened lower and then engaged their normal float higher on the back of standard propping. This propping continues to be lead by the Federal Reserve via QE-2. As the markets continued their float higher, news broke out of Egypt that Mubarak had stepped down. This sent the market spiking for a few minutes, then sellers met the buyers and the markets stalled just slightly higher on the day. The markets are already looking past this event and on to other issues facing the markets. Overall, the markets are higher and will most likely remain that way for the day. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $132.73, +0.41 (+0.31%).
Big winners today are found in the solar arena. First Solar, Inc. (NASDAQ:FSLR) is surging higher, trading at $164.90, +7.43 (+4.72%). All other solars are ripping too.