It’s unfortunate that European countries are not more like big banking firms in the sense that downgrades increase their valuations. That’s exactly what happened to a group of large international banks; one day after Moody’s downgraded 15 of the world’s largest financial firms, 13 soared higher.

 The Dow Jones Industrial Average (INDEX: ^DJI) finished the day up .53%, with the help of the banking Dow components Bank of America (NYSE: BAC), and JP Morgan Chase, both up 1.53% and 1.35% respectively.

Index Gain/ Loss Gain/ Loss %
Dow Jones Industrials 53.51 .43%
S&P 500 4.33 .33%
August WTI Futures .57 .73%
Source: Yahoo! Finance

Internationally, good news came out of Spain, where external auditors determined that the country will need to supply its banking sector with $78 billion to survive the worst-case scenario. Although this number is astronomical, it’s considerably lower than originally thought. Spain’s IBEX 35 increased 1.5%, as the 10-year Spanish note dropped -.27% on the news.

Benchmark WTI crude oil prices moved back into the $80 range, with August futures prices increasing 2.5% today. The price increase was buoyed up by positive investor sentiment about a viable solution to the euro-zone debt fiasco. Both big oil and small benefited from the stiff increase in price. Kodiak Oil and Gas (NYSE: KOG) popped 3.25%, with additional help from a buy rating by Wunderlich Securities, which claims that the E&P company has operations sitting in the middle of some of the most productive areas in the Williston basin.

The recently spun-off Philips 66 (NYSE: PSX) was up 2% today, as the refining company finalized a pioneering deal with Delta Airlines (NYSE: DAL) for a 185,000 barrel-per-day refinery in Trainer, Pennsylvania. This deal will allow Delta to use refined jet fuel, as the airline company expects to put a dent in its $12 billion yearly fuel cost.

Keep a long term focus
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