For many markets. The dax is up 1. 24. France is you will over a 1 so is the ftsi. And crude oil rising for the first time in seven days. Wti up by 66 cents. And also look at currencies. The pound making a sharp comeback this morning after tumbling to a more than two month low. Both the uk referendum campaigns have been suspended after the killing of jo cox. Gonna show the currencies because problem with the goes back to 1. 43 in watching it. The betting market, didnt get up to 70. Now i think the betting market was the pound. That might be a better indication of whats happening. Right. The one market thats really kind of got its finger on the pulse. Im sure the betting market obviously it is not as big as the foreign currency market or the pound. 1. 42. And then we didnt show gold. Gold is gold is going down. Gold is going down. After seven straight days. Now you are ready. No im not. It was down like 8, 10 or something. But its on a roll. Down 11. 11. Long way to go. In the meantime.
Bonanza. Shares are rallying after passing the feds stress test. Is this battered sector now a bargain . The dow surging 284 points. Both the dow and s p are now positive for 2016. This marking the best twoday stretch for stocks since february, as crazy as this may have sounded, monday morning, are we on track for new alltime record highs . Dan aiken, ill go to you first. I think its very unlikely. And my point has been very consistent throughout the course of 2016, that i think that the path of least resistance is no longer higher. I think you get these very sharp reversals that you have all of false spikes that have been lower. They have not been higher. Yes, a reversal does speak to the fact that youre getting some momentum back, but we have not been able to make a new high since may of 2016, and ill just say this, this is the s p 500 in particular, you know, i think the s p is becoming a very crowded trade. I think its become a safe haven trade for equity investors, globally here.
Versus anxiety about the further collapse in the price of oil. In the end, a possibly placid outcome to the tortured uk story, triumphed over oil, and the dow climbed 93 points. Nasdaq advanced. 21 . This tugofwar between britain and oil is of such titanic importance that nothing else comes close to even mattering. With all those a run big pools of capital and big news on brexit in that it might not happen. In the end, instead of experiencing pain, we had an antibrexit gain. One of the more tedious aspects of my job is that i have to look for minute difference thats could have a big impact. Right now there is fear about britain getting out of the uk against liquidity. Thats code for prop things up. In any way possible if things go wrong. The collapse of leeman brothers and all sorts of other institutions during the financial crisis is recent enough that bankers remember the firmest of institutions can have feet of clay. I feel emboldened. A bad thing that comes out of nowhere hurts a l
But it could come at a little bit of a price. We start off with the markets here. We had an interesting move, negative yields around the world, the tenyear german bond yield going below zero for the first time ever. Tim . Yes, i get it within the european union. We talked about this, other places to trade if brexit happens. The periphery was selling off in yields. If you think about what happened in the u. S. Bond market today, we got very close to the february 11 cloes on the tenyear. And then traded back. Interday it was ugly. Same thing with the s p. Ultimately settled at the important 2075, 2076 level. Ultimately i think markets right now are digesting the fed. Even if the fed is out of the picture for tomorrow. Yes, they are. Theyre going to make a statement. I think this is something thats going to inject more volatility. This is the fed and not about brexit next week. I think its the entire mosaic. I think when you talk about equity volume here in the u. S. , people talking abou
In europe in this early hour, this has been our focus all week as concerns about the brexit rose. Weve been looking at weakness in european stocks. You can see in early trading that most of these shares are up by 1 . Dax up by 1 . Ftse up close to that. Take a look at crude prices. Crude under pressure once again and again this morning. Wti is below 48 a barrel. Sitting at 47. 95. Brent sitting at 49. 12. Lets get you through the big stories were watching today, it is another day and yet another survey on the brexit survey. Coming from comres showing that the poll remain leads, in favor of the uk staying in the eu which is recovery from 55 reported yesterday. On some of the polls, by the way, the margin of error, on some of these, is looking like 10 . Hard to make a judgment whats going on. On the economic front, prices expected to rise. 3 . The fed announces its decision as we said 2 00 p. M. Eastern time. I laugh, because we know what the decision will be. And we will look for, as jo