On Monday, global stocks were up off their lows for 2012 and oil was on the rise again after four sessions of falling. World leaders from the G8 said they will support growth in the euro zone and China emphasized that priority should be focused on maintaining it expansion economically.
Many investors said that the pause in sell offs of stock and the increase in oil was only temporary because of the continued uncertainty in Greece, which in mid June will be holding national elections. With the possible risk that Greece will leave the euro zone still hanging over the heads of investors, the recovery of the euro was curbed.
G8 leaders stressed over the weekend that it was imperative they promote jobs and growth for the region in Europe and expressed they supported Greece remaining in the zone.
Despite the calls from the U.S. to implement measures to increase growth, nothing emerged that shows Germany softening over austerity as the best cure for debt problems throughout Europe.
One Monday, the Dow was up 135 points, while the S&P 500 advanced nearly 21 points and the Nasdaq increased by 68 points. The increases in U.S. stocks on Monday followed their worst week of losses in close to a year.
The sloppy opening on Friday of Facebook disappointed many investors and on Monday, the social networking site lost close to 11% to end the day at $34.03.
Even though Facebook fell, more established stocks in the technology sector were up, led by Apple, whose shares increased by 5.8% to close at $561.28.