U.S. Stocks End Range-Bound Session Mixed
Stocks were set to close near even Monday after a range bound session, as traders contrasted a positive result from Sunday's elections in Greece against a deteriorating economic picture in Spain.
Over the weekend, the pro-bailout New Democracy party edged the leftist Syriza party for a slim lead. New Democracy leader Antonis Samaras now faces the task of forming a governing coalition. If a coalition can be formed, the new government is expected to try to seek new terms of the bailout agreed to in March -- although German Chancellor Angela Merkel has tried to douse those hopes, saying Greece should adhere to the March agreement. "The important thing is that the new government sticks with the commitments that have been made," according to a Reuters report of Merkel's comments at the Mexican resort of Los Cabos before this week's Group of 20 summit. "There can be no loosening on the reform steps."
Meanwhile, skyrocketing yields on 10-year bonds in Spain injected fresh concern into the euro zone's economic health. Yields at one point jumped to 7.22%, a euro-area record high.
Closer to home, the National Association of Home Builders/Wells Fargo Housing Market index rose one point from a revised May reading to 29 this month, also topping expectations of experts in a Bloomberg poll anticipating little change from last month. The May number originally was reported as 29. The index, however, was still below 50, meaning more builders view market conditions as poor rather than favorable. It has not been above 50 since April 2006.
Investors anxiously await the Federal Open Market Committee's two-day meeting, which will kick off tomorrow. Wall Street is focused on whether the Fed will extend "Operation Twist", its program of selling short-term securities while buying longer-dated ones.
In commodities, gold futures inched lower, with gold for August delivery slipping $1.10, or 0.1%, to settle at $1,627 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded as low as $1,606.90 in the session. Oil futures also ended modestly lower; oil for July delivery closed down 0.9% at $83.27 a barrel on the New York Mercantile Exchange.
Here's where the market stood at end-of-day:
Dow Jones Industrial Average down 25.35 (-0.20%) to 12,741.82
S&P 500 up 1.94 (+0.14%) to 1,344.78
Nasdaq Composite Index up 22.53 (+0.78%) to 2,895.33
GLOBAL SENTIMENT
Nikkei 225 Index up 1.77%
Hang Seng Index up 1.01%
Shanghai China Composite Index up 0.40%
FTSE 100 Index up 0.02%
UPSIDE MOVERS
(+) XG, Agrees to be acquired by Yamana Gold
(+) ELT, Confirms possible acquisition by Melrose PLC
(+) IDCC, News of Patent Sale to Intel
(+) LAZ, Train Fund Management Discloses Stake
DOWNSIDE MOVERS
(-) BODY, Issues weaker-than-expected outlook
(-) DSW, Reports Q2 EPS below estimates; Reaffirms FY12 EPS in-line
(-) INFI, Terminates Phase II trials of blood cancer drug candidate Saridegib
Stocks were set to close near even Monday after a range bound session, as traders contrasted a positive result from Sunday's elections in Greece against a deteriorating economic picture in Spain.
Over the weekend, the pro-bailout New Democracy party edged the leftist Syriza party for a slim lead. New Democracy leader Antonis Samaras now faces the task of forming a governing coalition. If a coalition can be formed, the new government is expected to try to seek new terms of the bailout agreed to in March -- although German Chancellor Angela Merkel has tried to douse those hopes, saying Greece should adhere to the March agreement. "The important thing is that the new government sticks with the commitments that have been made," according to a Reuters report of Merkel's comments at the Mexican resort of Los Cabos before this week's Group of 20 summit. "There can be no loosening on the reform steps."
Meanwhile, skyrocketing yields on 10-year bonds in Spain injected fresh concern into the euro zone's economic health. Yields at one point jumped to 7.22%, a euro-area record high.
Closer to home, the National Association of Home Builders/Wells Fargo Housing Market index rose one point from a revised May reading to 29 this month, also topping expectations of experts in a Bloomberg poll anticipating little change from last month. The May number originally was reported as 29. The index, however, was still below 50, meaning more builders view market conditions as poor rather than favorable. It has not been above 50 since April 2006.
Investors anxiously await the Federal Open Market Committee's two-day meeting, which will kick off tomorrow. Wall Street is focused on whether the Fed will extend "Operation Twist", its program of selling short-term securities while buying longer-dated ones.
In commodities, gold futures inched lower, with gold for August delivery slipping $1.10, or 0.1%, to settle at $1,627 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded as low as $1,606.90 in the session. Oil futures also ended modestly lower; oil for July delivery closed down 0.9% at $83.27 a barrel on the New York Mercantile Exchange.
Here's where the market stood at end-of-day:
Dow Jones Industrial Average down 25.35 (-0.20%) to 12,741.82
S&P 500 up 1.94 (+0.14%) to 1,344.78
Nasdaq Composite Index up 22.53 (+0.78%) to 2,895.33
GLOBAL SENTIMENT
Nikkei 225 Index up 1.77%
Hang Seng Index up 1.01%
Shanghai China Composite Index up 0.40%
FTSE 100 Index up 0.02%
UPSIDE MOVERS
(+) XG, Agrees to be acquired by Yamana Gold
(+) ELT, Confirms possible acquisition by Melrose PLC
(+) IDCC, News of Patent Sale to Intel
(+) LAZ, Train Fund Management Discloses Stake
DOWNSIDE MOVERS
(-) BODY, Issues weaker-than-expected outlook
(-) DSW, Reports Q2 EPS below estimates; Reaffirms FY12 EPS in-line
(-) INFI, Terminates Phase II trials of blood cancer drug candidate Saridegib