The DJIA ended comfortably higher, thanks to a strong round of economic data
The Dow Jones Industrial Average (DJIA) gave up some of its early gains as the day went on, but was still able to close solidly in positive territory. Thanks to comments made by Greek Prime Minister Alexis Tsipras, investors feel the country is closer to cutting a deal with its creditors. However, it appears Greece will still be holding its referendum on Sunday. In the U.S., traders were encouraged by a strong round of economic data, including an ADP employment report that beat expectations. Now, attention shifts to tomorrow's nonfarm payrolls report. Outside of stocks, crude got hammered after an unexpected rise in domestic supplies.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,757.91) had a strong day, pushing 138.4 points, or 0.8%, higher. Of the DJIA's 30 components, 25 finished higher, with Travelers Companies Inc's (NYSE:TRV) 2.7% advance leading the way. Caterpillar Inc. (NYSE:CAT) had the worst day, giving back just over 1%.
The S&P 500 Index (SPX - 2,077.42) shot up 14.3 points, or 0.7%. The Nasdaq Composite (COMP - 5,013.12) added 26.3 points, or 0.5%.
The CBOE Volatility Index (VIX - 16.09) took a breather today, sliding 2.1 points, or 11.7%, but still finished well above its 10- and 20-day moving averages.
5 Items on Our Radar Today:
- Greek Prime Minister Alexis Tsipras went on TV to announce the country may be willing to accept some of the terms proposed by its creditors. The move was an unexpected one, and has many thinking a deal between the debt-ridden country and its creditors is now possible. (The New York Times)
- In the wake of comments he made about Mexican immigrants, Macy's has pulled products from Republican presidential candidate Donald Trump's brand from its stores. The retailer said it "stands for diversity." An online petition requesting the move gained over 700,000 signatures. (CNN)
- Almost half of this slumping alternative energy stock's float is sold short -- but are option traders as bearish?
- The Street is obviously not a fan of this semiconductor name.
- These 3 casino stocks are cashing in.
Commodities:
Crude oil got whacked today, after the latest inventories report showed an unexpected increase in supplies. At the close, crude for August delivery fell $2.51, or 4.2%, to land at $56.96 per barrel -- its lowest finish since late April.
Gold futures took a hit amid promising U.S. economic data. August-dated gold dipped $2.50, or 0.2%, to finish at $1,169.30 per ounce.