The Dow was up 2.82% today at 10018.28, the first time it broke 10000 since June 28. After last week, when stocks were at their lowest point this year, this is a welcome rebound. State Street, the world’s second largest custodian bank was up 9.9% as it projected profits well above analysts’.

Worries about the European markets caused the slide of last week, but today when details were released about the stress tests for Euro banks and a date was set for July 23rd, confidence about the stress tests soared.

Despite low German manufacturing numbers, which were said to be based on a technical correction, crude oil regained stature, to $74 a barrel.  Spanish banks gained mightily as their team reached their first World Cup today.

Treasury prices fell as investors sought riskier stocks and the Euro regained some of its earlier losses, back up to $1.2638.

Unemployment is still extraordinarily high, however, and there’s much dispute as to whether a second stimulus is going to do anything. It seems that now, most of the world is willing to spend the next couple of years in the financial doldrums in order to reduce a future deficit.  Americans, and Europeans, want a long term fix, and stimulus doesn’t seem to be the answer.