The bull market
had every reason and excuse to sell off badly yesterday. To wit, the situation in Greece had deteriorated materially over the weekend, as that nation had voted no on a bailout package proposed by the European Union; the employment picture in our country had become somewhat muddled following the release of a lackluster jobs report on Friday; earnings season is now practically upon us; valuations are extended; and we may be looking at an interest-rate increase by the Federal Reserve as early as September.
After opening sharply lower
, the major U.S. Stock market indexes partially recovered
in the late morning hours, helped, in part, by some encouraging U.S. economic data
. Then the selling picked up again
after the noon hour on the East Coast before some bargain hunters again returned late in the session
and the losses were pared
for the second time heading into the closing bell
. The volatility
was caused by Greece
, which remains in the spotlight. Investors continued to weigh the implications of the country's recent default on its IMF loan and consider the possibility of its exit from the euro zone.
Stocks closed the holiday-shortened week slightly lower, following economic news that did not live up to expectations.
On the day, the Dow Jones Industrial Average gave back 29 points; the NASDAQ lost four points; and the S&P 500 dropped nearly one point.
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.
Fresh off the worst day for the U.S. equity market
in 2015 -- with the major averages falling sharply yesterday on news that negotiations between Greece and its creditors had broken off over the weekend without a deal struck -- stocks rallied today
in the end only retraced a small fraction of Monday’s outsized losses
. There seemed to be a bit of bargain hunting early on in the session, with the S&P 500 Index finding some key support at a critical level for the broader index.
The U.S. stock market declined sharply today
, as traders worried about Greece’s
escalating financial troubles. Negotiations between that country and its creditors took a negative turn over the weekend, as the cash strapped nation’s Prime Minister failed to strike an agreement with its creditors.
A bearish week of trading on Wall Street ended on mixed to lower note
. The major equity indexes started the day in uneven fashion, with the Dow Jones Industrial Average—helped by a strong quarterly report from NIKE.
After opening higher, the major U.S. stock market indexes struggled to find direction for several hours
, trading in a narrow range around the base line before finding their way into negative territory by mid-afternoon and staying there through the close. Greece remained in the spotlight, as policymakers continued to negotiate alternatives to avoid that country’s default on the $1.8 billion owed to the International Monetary Fund by the end of this month.
The middle day of the trading week clearly went to the bears
, and in a big way. Indeed, the major U.S. equity indexes, taking their cue from the sharp declines earlier in the day on the Continent prompted by escalating worries about the once-more eroding situation in Greece, started the session to the downside and there were few attempts by the bulls to turn the tide of trading at any point during the bearish session. In fact, the selling intensified as the day wore on, with the session's nadir set at the closing bell.
The major stock indexes followed up on Monday’s nice gains with modest advances today
. At the close, the Dow Jones Industrial Average was up 24 points; the tech-heavy NASDAQ gained six points; and the S&P 500 edged up a point.