DJIA: Creative Solutions for Euro Debt Crisis, Consumer Confidence Little Changed, Apple Says, "Let's Talk iPhone"

Stocks soared today, extending a recent rally, rising more than two percent, on hopes the Euro zone will be able to solidify the region’s rescue fund and alleviate the debt crisis. Major indexes rose for a third straight session, with the S&P 500 up more than 5 percent over the period, its largest three-day percentage gain since mid-August. Over recent weeks, equities have been volatile, showing sensitivity to the euro zone’s debt crisis, and the efforts to limit the fallout. Greek Prime Minister George Papandreou won parliamentary backing for a property tax to meet deficit-reduction targets required to avoid default. The Greek finance minister said today that Greece will receive the next batch of bailout loans in time to avoid a disastrous default. Reports that European leaders are coming up with inventive ways to resolve Greece’s debt have lifted spirits in the financial markets, though officials in Chancellor Angela Merkel's government have downplayed such speculation. In the latest economic data, U.S. consumer confidence was little changed in September and a gauge of labor market conditions deteriorated to its worst since 1983. The S&P/Case-Shiller survey found U.S. single-family home prices were unchanged in July on a seasonally adjusted basis but the housing market showed little sign of stabilizing. The cost for businesses to buy health coverage for workers rose the most this year since 2005, and may reach $32,175 for a family in 2021. According to a survey of private and public employers, annual premiums for family coverage climbed 9 percent in 2011, surpassing $15,000 for the first time. And, after months of speculation and rumors, Apple has finally sent out invites to the media for a special event on Apple’s Cupertino campus next week, October 4th. The invite simply said, “Let’s talk iPhone,” confirming for many, the announcement of the next generation iPhone 5. Let’s take a look at our major indices… the Dow Jones industrial average is up 146 points, or 1.33 percent, to 11,190.70… the NASDAQ is up 1.20 percent, to 2,546.83… and the S&P 500 index rose just over 1 percent, to 1,175.38. Crude oil is at $83.69 a barrel, up 4.3 percent. Gold surged more than 3 percent today on bargain hunting and increased Asian purchases of bullion, both of which were aided by a sharply lower U.S. dollar. Gold is currently up 57.7 points, or 3.62 percent, to $1,652.50 an ounce. Now for a glance at the major currency pairs… euro dollar is up 54 pips, trading at 1.3592… the dollar yen rose 52 pips, to 76.86… pound dollar is trading at 1.5632, up 68 basis points. The dollar swissie is down 45 pips, to .8965… the dollar cad is down 57 pips, to 1.0195… and the aussie dollar is up 74 basis points, trading at .9908.