Hopeful of a deal between Greece and the EU, along with a Chinese stock market that has calmed the past two days, the bulls were emboldened and bought stocks early and often. Stocks rallied from the opening bell and despite a couple of lulls, kept climbing into the last hour of trading.
By the close, the Dow Jones Industrial Average was up 211 points to finish the day at 17,760. The S&P 500 was up 25 points to close at 2076. Gold was up $3 to trade at $1161 per ounce, while oil was down $.05 to trade at $52.73 per barrel WTI. The 10 year Treasury note sold off a bit today, to end the week trading back at a yield of 2.40% after dropping in yield to under 2.20% early in the week.
We should know on Monday morning if we have a “kick the can down the road” deal in Greece, so Monday morning’s tone will be set by the futures on Sunday night. Regardless, next week we really begin to dig into earnings season, so if we can put a Greece deal behind us (at least temporarily), an Iran deal behind us (for better or worse), and have the Chinese market calm down a bit, perhaps we can focus on tangible things like earnings. One can dream, can’t one?
Have a great weekend everyone.