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Jun 30 2015

Greek negotiations caused markets to fall

6/29/15 Market Recap:

Global markets began the week on a negative note as the weekend’s faltering Greek negotiations caused markets in Asia, Europe, and the US to fall sharply on Monday. The Greek debt drama went from bad to worse over the weekend with Greece choosing to set up a referendum to vote on the proposed bailout deal, which they have publicly opposed, while at the same time publicly acknowledging that the government will fail to make to make a payment due to the International Monetary Fund on Tuesday. These developments have roiled markets as the likelihood of the so-called Grexit from the Eurozone continues to build. Domestically, investors also had to contend with the worsening debt situation in Puerto Rico. In a press conference, Governor Alejandro Garcia Padilla acknowledged that the US territory would be unable to pay $72 billion in debts. This confluence of events led to broad-based losses during today’s session with each of the four major averages falling by at least 2%. For both the S&P and Dow Jones, it also meant the highest single day losses in over a year as the two averages slid into the red for year to date performance. Similar to last week, not even positive economic developments were able to shake investors’ focus away from the debt distractions. Read our latest article on here:

Looking Ahead:

Futures are slightly higher ahead of today’s open as the market attempts to rebound from the worst one day session in almost two years. However, though the markets look to be pointed in the right direction as we begin the day, expect that it will be one marked with volatility as investors continue to track developments in the ongoing Greek saga in this headline-driven market. Aside from global concerns, investors have a set of economic releases to digest today including Case-Schiller Home Price Index and Consumer Confidence. It has been clear over the past few days though that economic data, regardless of how positive it may be, has taken a back seat to macro worries. Yesterday’s pending home sales data showed an increase to levels not seen since 2006, another piece of evidence showing the growing momentum in the housing market after a slow start to the year. Yet, this was heavily outweighed by growing debt concern in Greece and Puerto Rico. The markets are looking to end the month and the quarter on a positive note but it will take a strong effort to push the averages into positive territory. For the quarter, only the Nasdaq has notched gains with the three other major averages registering losses of at least half a percent so far. Make sure to tune into CNBC this afternoon at 3:45 when our President, Oliver Pursche, joins Kelly Evans and Bill Griffith on the floor of the NYSE to provide our latest analysis. And listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. Visit our website for details.