Sept. 27 - Summary of business headlines: Wall Street curtails gain, but still rises on euro optimism; Consumer confidence remains grim; Housing holds steady; Gold and oil rally. Bobbi Rebell reports.
PLEASE NOTE: THIS EDIT CONTAINS 4:3 MATERIAL A collective cheer on Wall Street sending stocks higher on hopes of a new euro zone fix. European officials are considering various ways to maximize bailout funds and recapitalize banks. But there are still a lot of bumps in the road. Jim Bianco of Bianco Research: SOUNDBITE: JIM BIANCO, PRESIDENT, BIANCO RESEARCH (ENGLISH) SAYING: "They come up with these plans and then all these plans have to be approved by 17 different countries in some cases their constitutions have to be changed in order to implement these plans and when it comes time to approve these grand plans they tend to fall apart after that and then nothing really seems to happen." And in fact gains were pared later in the session after concerns about getting all the countries on board- including economic powerhouse Germany. Meanwhile in the U.S., consumer confidence remains at depressed levels in September, and labor market conditions deteriorated to its worst since 1983- according to the Conference Board. A separate report on housing showed U.S. single-family home prices were unchanged in July- though a recovery in housing remains a long way off. Apple will unveil its new iPhone next week. Analysts predict it will have a bigger screen and work better with remote computing services. Gold moved higher, bouncing back from recent setbacks and oil surged, with US Crude jumping more than five percent, its biggest one-day percentage gain in more than four months. Taking a look at the closing numbers- U.S. stocks gained for the third session in a row, though treasuries fell as demand for safe havens slumped. And in Europe, shares notched their largest percentage gain since May of 2010, with banks among the top performers. Bobbi Rebell, Reuters.