Stocks spent the day in negative territory as hope of a Greek debt deal faded early this morning. Comments by Greek officials that their restructuring plan had been rejected should come as no real surprise. As we mentioned yesterday, we were somewhat skeptical of the enthusiasm exhibited by market participants for the past couple of trading sessions. It didn’t help that Carl Icahn took to the airwaves to declare that the market was overvalued and due for a fall. As for domestic economic news, the final revision to 1st quarter GDP had no real surprises, and quite frankly is seen as old news at this point.
As for stocks, by the close the Dow Jones Industrial Average was down 178 points to finish the day at 17,966. The S&P 500 was down 15 points to close at 2108. Gold was down $3 to trade at $1173 per ounce, while oil was down $.75 to trade at $60.26 per barrel WTI.
As mentioned, Greece is the driving force behind market movements at the moment. Hopefully, they can kick the can successfully down the road here soon, and we can go back to obsessing over potential Fed tightening (insert winking emoji). We’ll let you know how the rest of the week plays out.
Have a nice evening everyone.