Equities rose while gold and the yen dropped on Monday, with investors cutting safety trades after Washington reached a last minute deal to escape default, though the top U.S. credit rating could still be downgraded, the Reuters People Tell us.
After a tense weekend in which rival plans to lift the U.S. borrowing limit were shot down in Congress, U.S. President Barack Obama said leaders from both parties reached a deal to cut the budget deficit by $1 trillion over 10 years, with additional saving possible.
U.S. S&P 500 stock futures bounced 1.4 percent and futures on U.S. Treasuries -- which have maintained their haven status despite being at the eye of the debt ceiling impasse – slid…
Read more at http://www.reuters.com/article/2011/08/01/us-markets-global-idUSTRE76N2XJ20110801
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