The markets declined Friday (01-13-12) on rumors of Euro zone downgrades. The downgrade rumors turned out to be true when Standard and Poor’s announced the downgrades after the market had closed. The SPX 500 now sits about 12 points higher than Fridays close due to China’s higher than expected GDP released overnight.
We also had CITI missing earnings and Wells Fargo just barely meeting estimates this morning. The EUR/USD now tries to break back above 1.2800. We should expect volatile price action today. Watch for any rumors or news on European bank downgrades.
