Friends
As we head into Fed week, Greece stole the headlines as talks broke down over the weekend which led to stocks slumping in early trading. Despite erasing some of the early 180 point Dow loss, stocks never really threatened to go positive and stayed decisively in negative territory at the close. It had seemed that Chancellor Merkel was easing up a bit late last week, but default in Greece seems to be back on the front burner. How dare the creditors actually demand to be paid. I can’t remember when Greece wasn’t a concern.
By the close, the Dow Jones Industrial Average was down 107 points to finish the day at 17,791. The S&P 500 was down 9 points to close at 2084. Gold was up $7 to trade at $1186 per ounce, while oil was down $.34 to trade at $59.62 per barrel WTI.
In addition to the Fed meeting which begins tomorrow and wraps on Wednesday, we’ll get a look at housing starts tomorrow, CPI, leading indicators and jobless claims on Thursday. On Wednesday, we’ll get the Fed statement and a Janet Yellen press conference. Unless we get a solution on Greece, Wednesday’s presser should be the highlight of the week. We’ll let you know how the week plays out.
Have a nice evening everyone.
