Heard on the Street columnist Liam Denning explains to Simon Constable of Dow Jones Newswires what sectors will get hit next by write-downs. Plus how the savvy investor should trade during the likely fallout.
1/7/2009
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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