Major US defence stocks were raised out of the doldrums by Defense Secretary Robert Gates' budget proposals thanks to the lifting of a degree of uncertainty and proposals that were not as dramatic as the markets expected.
Fitch Ratings was among those who noted that although four of the top 10 US programmes face reductions or delays, several of the leading projects - including the F-35 and F/A -18 aircraft programmes - were to be increased.
Whenever you can make an increase in defense spending look like a significant decrease, you got 'em by the balls!
