Market Climbs Higher Again; Cheapest April Gas in at Least Three Years; Cyprus Narrowly Approves Bailout
Market Climbs Higher Again (Bloomberg)
While earnings continued coming in, it was an increase in consumer confidence that sent the S&P 500 to a new all-time high today. “The market is at a high here and a lot of that seems to be driven by the faith in central bankers,” Gary Flam, at Bel Air Investment Advisors LLC in Los Angeles, said. “Later this week, You have central banker meetings, the Fed as well as the ECB.”
Cheapest April Gas in at Least Three Years (CNBC)
According to AAA, this month’s gas prices were the cheapest for an April in at least three years. Drivers and investors alike hope this will mean the low gas prices will continue into summer. “The improvement in retail gasoline prices is being driven partly by decline in crude and significant decline in Brent,” said Richard Hastings, a macro strategist at Global Hunter Securities.
Cyprus Narrowly Approves Bailout (Reuters)
Cyprus’ parliament today approved an EU bailout which will wind down the island nation’s second biggest bank and cause large losses for uninsured depositors at another bank. The measure passed by a two-vote majority. “Unfortunately the (bailout) is a one-way street for us. It will avert disorderly default and gives, albeit with many hurdles, some prospect of getting us out of the storm,” said Averof Neophytou, head of the governing right-wing Democratic Rally party.