This Day On The Street
Continue to site
ADVERTISEMENT
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

Stocks Finish Mixed in Ho-Hum Session

"The uncertainty now begins," said Paul Donovan, a global economist with UBS, in reference to the composition of the new government and how the renegotiation of Greece's bailout terms will progress.

German Chancellor Angel Merkel has already asserted that the new government should not be given any wiggle room to negotiated the terms of Greece's bailout.

A full European Union summit is slated to take place in Brussels on from June 28-29, following this week's G20 summit in Mexico, where leaders will focus on discussing ways to boost political and economic ties to bolster market confidence. Until then, "it's going to a bumpy ride," said Peter Cardillo, chief market economist at Rockwell Global Capital.

"We need to get some real concrete moves out of the euro group and I suspect that behind the scenes there is talk eventually of euro bonds, and those are things that the market wants to really see and hear," said Cardillo.

David Rolfe, manager of the RiverPark/Wedgewood Fund, pointed out that summer is in full swing, and with liquidity down, investors should expect choppiness in the markets -- "it will be a ping pong match, back and forth."

Meanwhile, the yield on Spanish 10-year bonds rose above 7% Monday amid reports that bad bank loans in the country have reached an 18-year high, sparking concerns that the country will require a full bailout.

Spanish banks may reportedly now need €150 billion, rather the €100 billion agreed to last weekend, in financial support from the eurozone.

Ahead of the Greek elections, the markets were preparing for global central bank coordination to boost liquidity, if needed, should the event lead to chaos. But investors are now doubtful that the Federal Reserve plans to make any major moves at its regular policy meeting this week, though an extension of its Operation Twist bond-maturity extension program is possible.

"There's a theory of diminishing marginal impact of more successive QE," said Rolfe. " For the Fed to act with some level of decisiveness and do something that would move the markets, there would have to be more bad economic data. I'm not seeing any stresses or fissures that would require the Federal Reserve to make any surprising moves this week."

July crude oil futures fell 76 cents to settle at $83.27 a barrel. August gold futures slipped $1.10 to settle at $1,627 an ounce.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AA $9.41 6.21%
BAC $16.36 -0.49%
AAPL $113.29 0.33%
FB $91.01 1.43%
GOOG $630.38 -1.13%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs