Dow was up 4, decliners 3-2 ahead of advancers & NAZ inched up a fraction. But bank stocks, market leaders, fell, taking the Financial Index down 2 to the 196s on European debt worries. The Alerian MLP Index was up pennies to just under the 401 record while the REIT iIndex fell 3 to the 246s. Junk bond funds were mixed, but Treasuries rallied on worries about bailout II for Greece. Oil & gold were about even as oil hangs in at $100 (bad for the economy).
European officials increased pressure on the Greek gov to deliver budget cuts in exchange for bailout II. Finance ministers canceled a Brussels meeting for tomorrow & will hold a teleconference instead to prod Greece to do more to clinch an aid package worth €130B ($170B) along with roughly €100B of debt relief from private bondholders. “I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program,” Luxembourg Prime Minister Jean- Claude Juncker, chairman of the euro finance panel, said. He also pressed for “further technical work” on Greek budget cuts. 2 years after pledging to pull Greece back from the brink, European leaders are torn between pouring more aid into the struggling economy or risking an unprecedented national bankruptcy. The € is above $1.31, down a couple of pennies in recent days on increased worries about Greece.
Greece Struggles to Win Bailout as Europe Doubts Mount
Dow rallied 80 in the last ½ hour to bring Dow back to even. Hopes were running on a Greek bailout. Oil is over $100 & gas at the pump is up to $3.51+ (& going higher). The politicos in DC are starting the debate about extending tax cuts & unemployment benefits. But stocks ignore problems as Dow is still itching to charge over 13K. The truth is nobody really knows where Dow is going.
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European officials increased pressure on the Greek gov to deliver budget cuts in exchange for bailout II. Finance ministers canceled a Brussels meeting for tomorrow & will hold a teleconference instead to prod Greece to do more to clinch an aid package worth €130B ($170B) along with roughly €100B of debt relief from private bondholders. “I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program,” Luxembourg Prime Minister Jean- Claude Juncker, chairman of the euro finance panel, said. He also pressed for “further technical work” on Greek budget cuts. 2 years after pledging to pull Greece back from the brink, European leaders are torn between pouring more aid into the struggling economy or risking an unprecedented national bankruptcy. The € is above $1.31, down a couple of pennies in recent days on increased worries about Greece.
Greece Struggles to Win Bailout as Europe Doubts Mount
Dow rallied 80 in the last ½ hour to bring Dow back to even. Hopes were running on a Greek bailout. Oil is over $100 & gas at the pump is up to $3.51+ (& going higher). The politicos in DC are starting the debate about extending tax cuts & unemployment benefits. But stocks ignore problems as Dow is still itching to charge over 13K. The truth is nobody really knows where Dow is going.
Dow Jones Industrial Average Index
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