This morning, the S&P 500 Index e-mini futures (ES-U2) are surging higher by 25.00 points to 1347.50 per contract. The catalyst for the rally is just another European bank bailout announcement. All of the European banking stocks are soaring sharply higher today on the news. Deutsche Bank AG (NYSE:DB) is rallying higher by 7.40 percent ahead of the opening bell at the New York Stock Exchange. Other leading European banks that are trading higher today include Banco Santander, S.A. (ADR) (NYSE:SAN), National Bank of Greece (ADR) (NYSE:NBG), and the Bank of Ireland (ADR) (NYSE:IRE). The Euro currency is also jumping higher today on this news and that can be seen by viewing the CurrencyShares Euro Trust (NYSEARCA:FXE) which is higher by $2.34 cents in the pre-market.
Traders and investors can now only wonder how long this new bailout news will last. The last time a bailout was announced for Spanish banks the rally lasted about 24 hours before fading off. Traders should stay on guard as this could be another replay of that event. Germany is still the country that holds the most weight and they have said that they are not in favor of Euro-bonds. That statement by the Germans could throw a monkey wrench in this whole bailout.
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