The news from Spain just gets worse and worser

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Financial markets rally on belief that the Federal Reserve will move tomorrow

Financial markets have decided that the Federal Reserve’s Open Market Committee will do something on Wednesday afternoon. So today the German DAX index finished up 1.8%, the French CAC 40 was up 1.7%, the Spanish IBEX was 2.7% higher, and the Italian FTSE MIB was ahead 3.4%. As of 1:30 New York time the Standard & Poor’s 500 was ahead 1.1%.