Stock Markets (Positives /Negatives)

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U.S. stock market has multiple reasons to go either way

Positives

•Successful 10-year and 30-year Spanish bond auctions

•Subsequent drop in yields in Spain after prior spike

•Talk that Banco Santander SA (STD 11.53, +0.26, +2.31%) and Banco Bilbao Vizcaya Argentaria (BBVA 11.50, +0.52, +4.74%) are standouts in their stress tests

•Spanish IBEX index closed at highest since mid-May

•S&P 500 rallied above 200-day moving average

•Benign inflation readings in Producer Price Index and Consumer Price Index

Negatives

•Housing starts-permits weak, tax-credit hangover

•National Association of Home Builders survey well below expectations

•Philly Fed survey below expectations (New York in line)

•Initial jobless claims remain stubbornly high

•Shanghai index closes at a low of the week and just 2 points from lowest since April 2009