SCOTUS, Greece & Rebalancing


With the historic decisions coming from the Supreme Court of the United States the past couple of days, even Greece seems to have been put on the back burner as the week came to a close. Stocks staggered to early gains only to reverse course midday. The bulls stepped in to do a little buying, but other than Nike (which carried the Dow) the averages limped into the close. Another item weighing on the minds of investors is the collapse of stock prices in China, where they have lost almost 20% of their value in the past few weeks. Finally, a rebalancing of the Russell 1000 and Russell 2000 seemed to occupy traders late in the session.

For the day, the Dow Jones Industrial Average was up 56 points to close at 17,946. The S&P 500 was down a fraction to finish the day at 2101. Gold was up $2 to trade at $1174 per ounce, while oil was down $.09 to trade at $59.61 per barrel WTI. The 10 year Treasury note continued its climb (drop in price) today touching 2.48% on the yield.

With just a couple of trading days left in the quarter, and first half of the year, the market averages are trying to hang on to very modest gains. All in all, it has been a quiet first half of the year. Let’s see how we finish up next week, and begin the second half of the year.

Have a great weekend everyone.

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