It was a busy news day for the markets. We had earnings releases, Yellen testifying in front of the House, Hedge Fund managers divulging positions and strategies at a conference, and finally unrest in Greece as the vote begins. Stocks were adding to gains of recent days before the Molotov cocktails started flying in Greece this afternoon, but by the close the damage was muted.
For the day, the Dow Jones Industrial Average was down 3 points to close at 18,050. The S&P 500 was down 1 point to close at 2107. Gold was down $5 to trade at $1147 per ounce, while oil was down $1.62 to trade at $51.42 per barrel WTI. Bonds rallied on the belief that a Fed rate hike might be getting less likely for 2015 given the inflation data today and the retail sales data yesterday. The 10 year Treasury note traded at a yield of 2.35%, down from about 2.40% yesterday.
If you would like some entertainment, watch one of these Fed Chair testimonies before the House Financial Services Committee. On second thought, don’t watch. You would be mortified by the questions that some of our esteemed representatives ask. Fed Chair Yellen gets to tangle with the Senate Banking Committee tomorrow, not as good as the House, but we do get to see what Senator Warren has on her mind. Anyway, we’ll let you know how the vote in Athens goes and what the feeling on the street is afterwards, in addition to Ms. Yellen’s testimony. Stay tuned.
Have a nice evening everyone.