Market Analysis

Bonds are under pressure this morning and stocks are up in response to the announcement by European leaders of an agreement for voluntary write offs from private investors holding Greek debt and an increase in the European Financial Stability Facility to $1 trillion Euros, approx $1.4 trillion USD.  Commitments were made to make another $140 billion USD in loans to Greece to help it avert default on it's debt.  Italy committed to reducing its debt.

In economic news in the US, initial 3rd Qtr GDP figures show an increase of 2.5% which was better than the 2.3% increase expected.  Initial jobless claims for the week ended 10/22 came in at 402,000 which matched expectations.