The Euro broke $1.30 to the U.S. Dollar for the first time since February 9. I am finally seeing some multinationals getting a nice bid as the USD weakens.
Philip Morris International (NYSE:PM) and McDonald's (NYSE:MCD), both of which were hammered as the markets fell and the USD strengthened, could get a jet propelled tailwind by strengthening global markets and EUR.
As more U.S. stocks rely on foreign income streams than those that don't, the EUR strength could be an important ingredient to a sustained market rally.
Disclosure: At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC was long shares of MCD and PM --- although positions can change at any time.