Stocks Spike As IMF Supplies Help
At exactly the same time yesterday that the markets reversed off their lows, today stocks did it again. The IMF announced they would supply liquidity to European banks in an effort to help them deal with the crisis. Stocks surged from the negative to the positive and are now hovering around the flat line. The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) is trading at $115.06, -0.10 (-0.09%).
The fact that the time frame of the pop was exactly the same as yesterday continues to point to a conscious effort to prop the markets up. The manipulation is an attempt to not only help European banks but create a short squeeze and rally into the Thanksgiving holiday.
Stocks like Exxon Mobil Corporation (NYSE:XOM) and Apple Inc. (NASDAQ:AAPL) all saw solid jumps but the biggest winners are the bank stocks. While still negative, they have recovered nicely off major losses.