This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stocks Finish Mixed in Ho-Hum Session


NEW YORK ( TheStreet) -- Stocks finished on a mixed note Monday as the pro-bailout party's victory in Greece over the weekend provided only a fleeting dose of relief to the eurozone debt crisis.

The election results quelled immediate concerns about Greece being on a path to leave the single-currency bloc but news of rising borrowing costs for Spain kept a lid on investor enthusiasm about the outcome.

The Dow Jones Industrial Average closed lower by 25 points or 0.20%, at 12,742. Earlier in the session, the blue-chip index sank as low as 12,696 and ranged less than 90 points on the day.

The S&P 500 added about 2 points, or 0.14%, to close at 1345. From its near four-year high levels in early April through the beginning of June, the benchmark declined by nearly 10%, landing it on the threshold of a correction. Since then, it's reclaimed some ground and now sits roughly 5% below a high of 1422 on April 2.

The Nasdaq outperformed the other indices, advancing 22 points, or 0.78%, to close at 2895.

Within the Dow, 19 of the index's 30 components were moving lower, led by Alcoa (AA), Bank of America (BAC), General Electric (GE), Hewlett-Packard (HPQ), and JPMorgan Chase (JPM).

Verizon (VZ), Kraft Foods (KFT), and Home Depot (HD) were among the bigger gainers on the Dow.

In the broad market, the energy, financials and conglomerates sectors were moving lower, while transportation, healthcare and services were areas of strength.

Official projections show that Greece's pro-bailout New Democracy party holding 29.7% of votes and 129 seats in the 300-member parliament, trumping the 26.9% of votes and 71 seats obtained by the leftist Syriza party. The New Democracy Party now faces the challenge of forming a viable coalition government.

Overnight, global markets staged a relief rally in reaction to the results, but soon lost steam.

The FTSE in London settled up 0.22% and the DAX in Germany closed higher by 0.3%, substantially trimming gains. Hong Kong's Hang Seng index closed higher by 1.01% and Japan's Nikkei Average settled up 1.77%.

"A temporary relief rally in the euro and risk assets does not mean that uncertainty has been eliminated," said HSBC analysts. "Antonis Samaras, the pro-bailout New Democracy leader, has said that he, too, wants to renegotiate some of the terms of the bail-out which means that a temporary halt to Troika funding cannot be ruled out. More immediately, New Democracy needs to form a coalition involving center-left Pasok, which has suggested forming a national unity government including anti-bailout party Syriza."

There are rumors that Pasok, the party that came in third place, won't form a coalition with New Democracy unless Syriza is involved, implying that there could be no government in Greece for a while.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs