There’s a fiesta on Wall Street on news over the weekend that Spain will get a bailout from its European partners.
After a reported two-and-a-half-hour conference call, eurozone finance ministers agreed to lend Spain up to $125 billion to prop up its banks.
Global markets cheered the news, with the Spanish IBEX climbing 5% right out of the gate. Other European stock markets are enjoying gains of between 1-2%.
In Asia, the Nikkei in Japan rallied 2% and the Hang Seng in Hong Kong added 2.4%.
U.S. stock futures are indicating a 90-point pop for the Dow at the open. The momentum piggybacks last week’s rally, which saw the major averages up at least 3.5% for their best week of the year.
Moving in the other direction: gas prices. The Lundberg Survey puts the price of a gallon of regular unleaded at $3.62, marking a drop of 16 cents over the past three weeks. The president of the Lundberg Survey credits the European debt crisis, in addition to a strong U.S. dollar, for weakening demand for crude oil and sending prices at the gas pump south.
Apple (AAPL) will use today’s Worldwide Developers Conference to show off some new products, including Apple’s latest iOS6 operating system that is expected to include Apple’s own map software, photo-sharing enhancements, and perhaps a tighter integration of Facebook.
Apple is also expected to unveil new MacBook computers.
There's speculation that Apple plans to make a full-blown TV set, integrated with iTunes, as well.
The annual event is highly anticipated: 5,000 tickets sold out in under two hours. This is the first WWDC event with a keynote speech by CEO Tim Cook.