The Italian Prime Minister is departing the political stage, as expected, but the comedic leader will not leave his audience laughing.
News hit mid-day on Tuesday that Prime Minister Berlusconi agreed to resign after the new austerity budget is passed, which boosted equity markets in Europe and the U.S. The Dow closed up 101 points and the S&P advanced more than 1% as financials breathed a sign of relief. That's the good news.
Overnight, however, the European bond market sent a glaring vote of no-confidence when the yield on benchmark 10-year Italian government bonds soared to 7.41%.