Stocks Pause Before Yellen Testimony

Friends

Stocks began the day in negative territory as the excitement over a short term Greek solution that developed late in Friday’s trading wore off quickly with the realization that the can had only been kicked down the road, and the inevitable only delayed. As the trading session wore on, stocks simply continued to drift in modestly negative territory.

By the close, the Dow Jones Industrial Average was down 23 points to close at 18,116. The S&P 500 was down a fraction to finish the day at 2109. Gold was down $2.90 to trade at $1202 per ounce, while oil was down $1.56 to trade at $49.25 per barrel WTI.

On the economic front, demand for both existing and new homes sales remain flat, despite the continued low interest rate environment and the tick up in employment. In addition to more economic data that will stream in during the week, we get to hear Janet Yellen testify before the Senate Banking Committee and the House Financial Services Committee¬†tomorrow and Wednesday. No doubt, traders will be hanging on every syllable. We’ll let you know how the week unfolds.

Have a nice evening everyone.

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