What can we expect from the ongoing eurozone crisis and the US? This week was a good one for investment in the stock market, despite the uncertainty in Europe. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show February 19, 2012 on WSB Radio.
What a week in the stock market! The Dow rose 150 points, ending just shy of 13,000 points, the highest peak for the Dow in four years. But I wonder given that people in Greece, suffering in the eurozone crisis, are asking for the biscuits off strangers’ coffee cups, how long this run is really going to last?
European finance ministers had to postpone a vote this week on a bailout package for the struggling nation, in part due to concern about the implementation of additional austerity measures on a clearly hobbled Greece. Europe has to decide upon an investment plan quickly given that so many already have no means of supporting themselves.
To ratchet up the tension a little more, Moody’s warned that more than 100 financial institutions in the US and Europe run the risk of a credit downgrade because of challenges in the eurozone. Bank of America, Citigroup, Morgan Stanley, Barclay’s and UPS are among the US firms that have been cautioned. Meanwhile Italy and Spain have already had their credit rating slashed and the U.K. was put on notice.
Under these conditions, how long can the fortunes of the eurozone crisis and the US remain separate, as pertains to our anamously booming stock market?
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