Wall St. Rises in a Rebound Attempt

20 Jan 2016 | Author: | No comments yet »

Wall St. Rises in a Rebound Attempt.

United States markets were higher in early trading Monday, rebounding after two days of heavy selling last week. SPAIN ELECTION One market that wasn’t faring well Monday was Spain’s IBEX, which was down 2.8 percent after Sunday’s election saw the far-left Podemos and the business-friendly Ciudadanos parties win a number of seats. THE CONTEXT Although Spain’s economy has been growing strongly over the last year, its public finances remain strained amid unemployment levels of around 20 percent.

Though Spain did not need a financial bailout like others in the 19-country eurozone, such as Greece and Portugal, the Popular Party government has been pursuing relatively tough budgetary policies and wide-ranging economic reforms. ANALYST’S TAKE “We could now be facing an era of political paralysis and instability in Spain,” said Craig Erlam, a senior market analyst at OANDA.

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