U.S. Markets React Favorably To New Greek Austerity Measures February 2012 Passing:
Europe and Asia trade up after Greek austerity measures voted in.
The U.S. stock market is digesting the news about the passage of new Greek austerity measures in a positive way. The Dow Jones moved up sharply today almost erasing the losses that occurred on Friday when the U.S. major averages had the worst day in 2012. Riots and protests in Greece didn’t stop the country’s Parliament from passing austerity measures that may increase the short term pain for Greek citizens. The country currently has 21 percent unemployment and youth joblessness is around 48 percent.
At 3:30 EST, the Dow was up 81 points to 12,882 and followed the lead of Asian markets as well as European stocks that rose today. The euro zone still faces tough decisions ahead to deal with structural issues that cause debt to heap in the region. Although the long term structural issues facing Greece and the euro zone as a whole have not been alleviated, global markets welcomed the passage of the austerity measures.