Floor Trader Talk from Briefing.om

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Floor Talk: Stocks pop on word that Italian Prime Minister Silvio Berlusconi will resign after 2012 austerity plan passes

2011-11-08T14:07:49 ET

The major market averages ran back up to session highs on word that Italian Prime Minister Silvio Berlusconi would resign following the passage the country's 2012 austerity plans. While this does remove a doubt from the market, it does not solve the problems of soaring borrowing costs for the troubled nation, nor does it indicate how the European rescue fund will be paid for. EURUSD surged to session highs on the news, touching almost 1.3850 before easing back to 1.3830. U.S. Treasuries pulled back to the flat line as traders rotated into riskier assets, but have since found a bid. The 10-yr yield remains lower on the day by 2 bps at 2.022%. Precious metals have been hammered back down to their respective flat lines with gold at $1790 and silver near $34.85.