Stocks buoyed by a rally overnight in China and some hopeful headlines about Greek negotiations had a very strong opening with the Dow rallying more than 200 points. As the day wore on, and doubts about both China and Greece permeated the psyche of market participants, stocks gave up a good portion of the early gains.
By the close, the Dow Jones Industrial Average was up 33 points to finish the day at 17,548. The S&P 500 was up 4 points to close at 2051. Gold was down $3 to trade at $1160 per ounce, while oil was up $1.22 to trade at $52.87 per barrel WTI.
Traders, once again, will be focused on China overnight and a possible Greek proposal. We are captive to these headlines at the moment, and quite frankly long term investors should pay very little attention. These global events are impossible to handicap, so “investors” should focus on things that can actually be quantified. Let’s keep a sharp eye on earnings season to get a real pulse on the U. S. economy and valuation of our markets. We’ll keep an eye on the global circus for you and let you know how the week finishes up.
Have a nice evening everyone.