Market Rallies on Eurozone Bailout

by Marilou Long on May 10, 2010

in Banks,Credit Crisis,Debt,Foreign Markets

The Dow is up almost 400 points this morning on news of the 750 billion euro rescue plan for the European financial system.  In his morning briefing, Ed Yardeni characterized the plan as Euro-TARP.  The stronger EU countries will provide loans and liquidity to the weaker EU nations in order to buy time for them to get their budget deficits under control.

The financial sector in France rallied 19% which is an indication of how exposed the French banks were to the problems in Greece.

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