Stocks are bouncing back up from the bank downgrades from the rating empire Moody's. Yesterday it sent stocks spiraling down and now it seems to be the thing to send them upward today.
Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), JP Morgan (NYSE:JPM), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS) are all up today and are leading the strike upward for all US Stocks. This "strike" upward has sent the markets up so far today.
This shows that investors might be a little relieved to get the predicted downgrades out of the way but are still worried about the persisting European debt crisis. Which is getting worse since it was released that Spanish Banks needed €62 billion to only balance stability in the financial sector. This is a very negative outlook for the country and that is what is especially worrying investors about the crisis.
But for now it looks like stocks have made a great turn around from the downgrades of banks. And it looks especially good because it seems that the banks are leading the strike back upward.