Greece Lifts Dow Jones Industrial Average Into Positive YTD Territory

3 Banks About to Steal the Show; Plus, Dow Does It Again

by Alex Eppstein

Published on Jul 13, 2015 at 4:30 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) exploded on news that a "Grexit" might be avertedsurging by more than 200 points for a second straight session, and jumping back into positive year-to-date territory. Specifically, European Council President Donald Tusk said eurozone leaders "unanimously reached [an] agreement," which "gives Greece the chance to get back on track with the support of European partners." On the homefront, the Treasury budget finished with a surplus of $51.8 billion in June, as expected, while a handful of companies flexed some muscle on Merger Monday.

 

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

 

 

The Dow Jones Industrial Average (DJIA - 17,977.68) extended last week's momentum, advancing 217.3 points, or 1.2%. The Dow is now 0.9% higher for 2015, and boasts a July gain of more than 2%. Merck & Co., Inc. (NYSE:MRK) was the lone blue chip to sit out the rally, dipping 0.1%, while DuPont (NYSE:DD) led the 29 advancers with a 2.2% gain.

 

The S&P 500 Index (SPX - 2,099.60) surged 23 points, or 1.1%, but stopped just shy of the 2,100 level. The Nasdaq Composite (COMP - 5,071.51) fared the best of its peers, skyrocketing 73.8 points, or 1.5%, to reclaim a spot north of 5,000.

 

The CBOE Volatility Index (VIX - 13.90) plunged 2.9 points, or 17.4%, amid a risk-on attitude in the equities market. The "fear gauge" is now sitting south of its 20-day moving average for the first time since June 24.

 

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5 Items on Our Radar Today:

 

  1. While Greece was able to reach a bailout agreement with its creditors, fears are emerging that Prime Minister Alexis Tsipras may not be able to get the pact through parliament by Wednesday's deadline. Independent Greeks leader Panos Kammenos already stated that he "cannot agree" to the deal due to its austerity measures, which Tsipras promised to end. (Reuters)
  2. Wisconsin Gov. Scott Walker announced his candidacy for the Republican presidential nomination, joining a crowded field that includes former Florida Gov. Jeb Bush, Sen. Rand Paul of Kentucky, and others. "I'm in. I'm running for President of the United States because Americans deserve a leader who will fight and win for them," Walker said on Facebook. (ABC News)
  3. One trader's gambling on higher highs for EBAY ahead of this week's earnings, as well as a highly anticipated spin-off.
  4. A number of drugmakers soared today, most notably Anacor Pharmaceuticals Inc (NASDAQ:ANAC).
  5. It was a volatile day for these 2 energy stocks, as Iran's deadline for a nuclear deal loomed.

 

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Commodities:

 

Crude futures settled a volatile session lower, as Iranian Foreign Minister Mohammed Javad Zarif signaled that a missed deadline to lift Western sanctions on crude exports will not end negotiations. In addition, a rising dollar and rising production from the Organization of Petroleum Exporting Countries (OPEC) contributed to black gold's dip. At the close, August-dated crude was off 54 cents, or 1%, at $52.20 per barrel.

 

Gold futures slipped as the dollar picked up steam, and as the Greek bailout agreement dimmed the metal's safe-haven appeal. By day's end, gold for August delivery was off $2.50, or 0.2%, to land at $1,155.40 per ounce.


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