Lack of Deals in Greece Push Stocks Lower; Bulls Fight Back
February 6, 2012
Stocks finished slightly lower on Monday, though well off of their worst levels. Major indices opened the day in negative territory after yet another set of deadlines passed without a formal deal in Greece for the debt swap negotiations or the second batch of loan bailout funds.
Monday was a relatively quiet session, with no major headlines or economic reports to speak of. The ongoing negotiations in Greece and the lack of a done debt deal on the debt swap front and the second bailout front were the major headwinds throughout today’s session.
Despite the lack of news and the uncertainty created by the situation in Greece, the bulls were able to put up a decent fight in intraday trading. Though major indices gapped down, the bulls were able to mount modest rallies throughout the day and push stocks back towards even on the session by the close.
Monday’s session was particularly quiet, and volume was extremely thin. We’ll be looking for some economic data on Tuesday and further news out of Greece for some more substantial movement as the week progresses. Tomorrow morning we have ICSC-Goldman Chain Store sales, Retail Sales, Import/Export Prices, Redbook Chain Store sales, and Business Inventories all before 10:00am EST.
Close Recap: S&P 500 -0.05%, NASDAQ -0.13%, DJIA -0.14%, Midcaps -0.10%.
Have a pleasant evening.
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