Stocks hold up to one-two punch

The Washington Post Sunday - - MARKETS -

Stock in­vestors got jolted in a zigzag week as the Stan­dard & Poor’s 500-stock in­dex plunged be­low a sup­port level un­seen since Oc­to­ber amid con­cern over China and Greece, only to erase its losses with a big rally.

“It was a volatile week, that’s for sure,” said Dan Green­haus, chief global strate­gist at BTIG. “Clearly in­vestors are fo­cused squarely on Greek ne­go­ti­a­tions and the Chi­nese stock mar­ket, but the ram­i­fi­ca­tions of both ap­pear to be lim­ited, hence the end-of-the week rally.”

The prospect of a deal to end a stand­off be­tween cred­i­tors and Greece’s Syriza-led gov­ern­ment brought re­lief to fi­nan­cial mar­kets. Af­ter months of es­ca­lat­ing ten­sion, Greece of­fered to meet most of the de­mands made by cred­i­tors in ex­change for a bailout of $60 bil­lion. The pro­posal still faced a week­end of po­lit­i­cal wran­gling.

Greece’s fi­nan­cial cri­sis and China’s eq­uity mar­ket tur­moil have di­verted at­ten­tion from U.S. eco­nomic data and the path of the Fed­eral Re­serve’s mon­e­tary pol­icy, as in­vestors grow con­cerned about global growth.

Fed Chair Janet L. Yellen said in a speech that she still ex­pects to raise in­ter­est rates this year and re­peated that the sub­se­quent pace of in­creases will be grad­ual.

The Trea­sury will sell $24 bil­lion in both three-month and six-month bills Mon­day. They yielded 0.025 per­cent and 0.10 per­cent in when-is­sued trad­ing. The Trea­sury will also sell four-week bills Tues­day.

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.

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