The U.S. stock market got off to a strong start this morning, fueled by reports that Greece would now seemingly be willing to accept its creditors’ proposal in exchange for bailout funding. However, leading officials in the eurozone remarked that they will not engage in further negotiations until Greece holds its referendum on the proposal on Sunday. Furthermore, later in the day, Greece’s Prime Minister Alexis Tsipras made some unsupportive comments, and that news may have tempered enthusiasm on Wall Street, causing the market to give back some of its gains. For the most part, it was a constructive session, and the aforementioned late-day buying campaign was encouraging. At the close of trading, the Dow Jones Industrial Average was ahead 138 points; the S&P 500 Index was up 14 points; and the NASDAQ was higher by 26 points. Market breadth was generally positive, as winners were ahead of losers on the NYSE.
The second half begins with a late first-half burst of strength. On point, just days after figures were released confirming increases in housing activity, personal income, and consumer confidence comes word of a somewhat better showing on the manufacturing front as the opening six months concluded.
Americans continue to be generally satisfied with their economic prospects, it would seem, at least according to data issued this morning by the U.S. Conference Board. On point, this research organization's Consumer Confidence Index jumped to a reading of 101.4 in this now-concluding month.