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.
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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 (NASDAQ: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.