The DJIA was able to overcome a lack of clarity on the Greek debt crisis
It was an up-and-down day for the Dow Jones Industrial Average (DJIA). After a promising start, the blue-chip barometer dipped into the red around midday, but ultimately resolved to the upside. Stocks elbowed higher despite a lack of clarity from Greece, as it appeared the country would not be repaying the roughly $1.7 billion it owes the International Monetary Fund (IMF) by midnight, pushing the country into arrears. However, reports late in the session indicated Greece may be willing to call off Sunday's scheduled referendum in exchange for aid -- keeping U.S. traders on pins and needles through the close. Looking ahead, traders will have a full economic docket to digest tomorrow, including the ADP employment report and construction spending.
Continue reading for more on today's market, including:
- These 4 surging biotech stocks were among the Nasdaq's biggest gainers.
- The mobile carrier that might be changing the game with its new "All-in" pricing plan -- and David Beckham.
- 3 stocks that could be on the verge of a huge July.
- Plus ... What Monday's sell-off means for the S&P 500, consumer confidence jumps, and did traders dance to the beat of Apple Music?
The Dow Jones Industrial Average (DJIA - 17,619.51) showed resilience by fending off negative territory around midday, closing 23.2 points, or 0.1%, higher. Of the DJIA's 30 components, 14 ended on positive ground. Walt Disney Co (NYSE:DIS) led the winners with a 1% gain, while Wal-Mart Stores, Inc. (NYSE:WMT) was the biggest loser, dropping 0.7%. The DJIA ended 2.2% lower for the month, and down 0.9% for the second quarter.
The S&P 500 Index (SPX - 2,063.12) added 5.5 points, or 0.3%, bouncing off its 200-day moving average. Notably, the SPX also settled above its 10-month moving average. The Nasdaq Composite (COMP - 4,986.87) turned 28.4 points, or 0.6%, higher, but closed two straight sessions beneath its 80-day moving average for the first time this year. On a monthly basis, the indexes lost 2.1% and 1.6%, respectively -- but the SPX finished the quarter off 0.2%, while the COMP climbed 1.8%.
The CBOE Volatility Index (VIX - 18.23) rose as high as 19.80, but closed 0.6 point, or 3.3%, lower. For the month, the "fear gauge" surged 31.9%, and advanced 19.2% on a quarterly basis.
5 Items on Our Radar Today:
- One concerned European citizen launched a crowdfunding campaign to pay off Greece's IMF debt. For example, for a pledge of just 10 euros, sponsors of the country's continuing eurozone membership will be rewarded with a bottle of ouzo. As of late Tuesday afternoon, though, the Indiegogo page was showing an error message, apparently due to the campaign's "astonishing popularity." (MarketWatch)
- The Conference Board's consumer confidence index shot higher in June, hitting 101.4, compared to just 94.6 in May. The reading easily topped the consensus estimate of 97.4, as consumers grew more confident about the state of the jobs market. (USA Today).
- Are bears about to get crushed by this tech stock?
- The launch of Apple Music had option traders changing their tune.
- Judging by past returns, Monday's 2% S&P 500 Index (SPX) drop may not be such a bad thing after all.
Commodities:
Crude oil closed higher today, as Iran saw the deadline for its nuclear program extended. Liquid gold closed $1.14, or 2%, higher at $59.47 per barrel. Oil dropped 1.4% during June, though.
Gold futures took a tumble today amid a strengthening dollar and murmurs of a possible Greek resolution. Gold for August delivery dropped $7.20, or 0.6%, to land at $1,171.80 per ounce. For the month, gold fell 1.5%.