Stocks drop on drama in Greece

The Washington Post Sunday - - MARKETS -

U.S. stocks fell the most since March this week as the es­ca­lat­ing cri­sis in Greece stole at­ten­tion from the U.S. econ­omy and Fed­eral Re­serve. The Stan­dard & Poor’s 500-stock in­dex ended the week lower by 1.2 per­cent and suf­fered its big­gest sin­gle-day de­cline of the year on Mon­day af­ter Greece closed its banks and im­posed cap­i­tal con­trols.

Things may have been dif­fer­ent in the ab­sence of the Greek cri­sis: data showed con­sumer con­fi­dence and man­u­fac­tur­ing rose while odds of a Septem­ber in­ter­est-rate in­crease by the Fed fell. And yet the Dow Jones in­dus­trial av­er­age slid more than 200 points on con­cern cit­i­zens of the Mediter­ranean na­tion will re­ject com­pro­mise with the Euro­pean-Union and worsen its cri­sis.

“There’s a loom­ing un­cer­tainty with re­gard to Greece,” said Joe Bell, an eq­uity an­a­lyst at Scha­ef­fer’s In­vest­ment Re­search. “Per­haps once this is re­solved or we get more clar­ity next week you’ll see the fo­cus change.”

The Dowslid 1.2 per­cent for the week, while the Nas­daq Com­pos­ite In­dex fell 1.4per­cent in the four-day pe­riod. The mar­ket was closed Fri­day for the July 4 hol­i­day.

The U.S. Trea­sury will sell $24 bil­lion in both three-month and six-month bills Mon­day. They yielded 0.015 per­cent and 0.095 per­cent in when-is­sued trad­ing. It will also sell four-week bills and $24 bil­lion in three­year notes Tues­day, $21 bil­lion in 10-year notes Wed­nes­day and $13 bil­lion in 30-year bonds Thurs­day.

Editor’s note: Go­ing for­ward, our weekly com­pos­ite stock list­ing high­lights com­pa­nies based in Washington or with a strong pres­ence here. The rest of the ta­ble shows firms as ranked by mar­ket cap­i­tal­iza­tion. And we’ve added year-to-date data be­cause read­ers told us it would be use­ful.

Opinions

Comments

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.