Dow Jones Industrial Average Crippled By Greece Fears

Greek Drama Whacks Dow; Big Fed Week in Focus

by Josh Selway

Published on Jun 12, 2015 at 4:29 PM

After two promising sessions, the Dow Jones Industrial Average (DJIA) took a major step back today. Dooming the blue-chip bellwether were perturbing developments from Greece, where for the first time there were discussions of a default. Following this -- and ahead of the Fed's highly anticipated meeting next week -- there was little hope for domestic stocks. However, the Dow did manage to hang on to its weekly lead, unlike the Nasdaq Composite (COMP)

 

Continue reading for more on today's market, including:

 

 

The Dow Jones Industrial Average (DJIA - 17,898.84) fell out of the gate and showed no glimpse of a comeback, settling 140.5 points, or 0.8%, lower. All 30 of the index's stocks ended in the red, with Merck & Co., Inc. (NYSE:MRK) suffering the most, giving back 1.8%, while Intel Corporation (NASDAQ:INTC) shed 1.7%. For the week, the Dow closed 0.3% higher. 

 

The S&P 500 Index (SPX - 2,094.11) got whacked as well, dropping 14.8 points, or 0.7%.  The Nasdaq Composite (COMP - 5,051.10) gave back 31.4 points, or 0.6%. On a weekly basis, the SPX added 0.1%, while the COMP fell 0.3%. 

 

The CBOE Volatility Index (VIX - 13.78) moved higher, adding 0.9 point, or 7.2%, briefly taking out 14 before getting repelled by its 10-day moving average. The VIX dropped 3% on the week. 

 

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5 Items on Our Radar Today:

 

  1. President Obama's major trade proposal was struck down today by Democrats in the House. However, the House will reconsider the Trans-Pacific Partnership bill next Tuesday. (CNN)
  2. The Thomson Reuters/University of Michigan consumer sentiment index spiked in a preliminary June reading. This comes after the index fell to a six-month low in May. (​MarketWatch​) 
  3. This education stock skyrocketed on an earnings beat. 
  4. Chances are, you're not going to have luck guessing the next rate hike
  5. The beleaguered stock that scored a lift on buyout buzz.

 

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Commodities:

 

Supply fears once again sent crude lower. Liquid gold gave back 81 cents, or 1.3%, to settle at $59.96 per barrel. Still, crude managed a 1.4% gain for the week. 

 

Gold futures moved lower for the second straight day, but managed a rare weekly win. Gold dated for August delivery dropped $1.20, or 0.1%, to $1,179.20 per ounce. On the week, gold added 1%. 


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