YAHOO [BRIEFING.COM]: Renewed
concerns about the fiscal future of Greece caused stocks to wobble before some
broad buying gave the major equity averages some solid gains in afternoon
action. Although some sellers tried to fade the advance in the final hour of
trade, stocks were still able to settle with solid gains.
With European Union finance
ministers calling on Greece to pass new austerity measures and the country's
prime minister losing confidence, participants were inclined to sell stocks
this morning. The euro was also put under pressure; it fell more than half of a
percent against the greenback before it rallied back for a fractional gain.
Stocks also garnered support
as traders showed a willingness to brush aside concerns related to Greece.
Buying became broad in that nine of the 10 major sectors traded with solid
gains for most of the session. Financials made up the only major sector that
split its time between positive and negative territory before the group settled
with a slight loss.
Financials recovered from
morning losses for a time, but the sector was ultimately weighed down by a bevy
of investment banks and diversified financial services stocks that had their
targets and estimates cut by analysts at Citigroup. PNC Financial (PNC
56.66, -1.13) was actually one of the worst plays in the financial space
following news that it will pay about $3.5 billion for the U.S. retail banking
operations of RBC.
An empty economic calendar may
have cut into the number of cues available to traders, but that has helped
direct focus toward the FOMC's mid-week policy statement. The statement takes
on added significance with the expiration of the Fed's second round of
quantitative easing sets to expire soon. World markets are also wondering what
the Fed has planned amid the precarious conditions that currently loom over
countries in the eurozone periphery.
It was a relatively quiet
session for commodities, as the dollar chopped around the flat line. July crude
oil finished up 0.3% to $93.26 per barrel. It recouped overnight losses after
the dollar gave back its overnight gains, but was unable to extend that rebound
much above the flat line, closing with modest gains. July natural gas ended up
0.2% to $4.33 per MMBtu.
August gold ended higher by
0.2% to $1542 per ounce, while July silver closed up 0.8% to $36.03 per ounce.
Both metals spent most of the session chopping around the flat line. They
eventually traded into positive territory, but were unable to take out earlier
highs and finished with modest gains on the session.
Advancing Sectors: Health Care (+1.0%), Consumer
Discretionary (+0.9%), Materials (+0.8%), Industrials (+0.8%), Consumer Staples
(+0.7%), Telecom (+0.6%), Utilities (+0.6%), Energy (+0.4%), Tech (+0.3%)
Declining Sectors: Financials (-0.1%)DJ30 +76.02 NASDAQ +13.18
NQ100 +0.5% R2K +0.9% SP400 +0.8% SP500 +6.86 NASDAQ Adv/Vol/Dec 1451/1.64
bln/1104 NYSE Adv/Vol/Dec 2029/786 mln/967