Markets closed up on Wall Street: Dow +0.91%, S&P +1.34%, Nasdaq +2.19, Oil +0.5, Gold +0.34%.
On the commodities front, Oil (NYSE:USO) found some buyers on the idea Greece may not sink the universe. Precious metals were both up with Gold (NYSE:GLD) closing at $1,546 and Silver (NYSE:SLV) rising 1%.
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Today’s markets were up because:
1) Investors smell some sort of resolution in Greece. Although ratings agencies are sending more warnings to Greece, the media is reporting a lot of aggressive chatter regarding the EU stepping in to save Greece. At the end of the day, that removes the probability of a Lehman style event. Now check out which Companies have dangerous exposure to Greece and which Countries do too.
2) US Existing Home Sales sucked. Yup. If you’re looking for positive data points in the US economy, turn your head 180 degrees away from the housing market (NYSE:IYR). The always bullish National Association of Realtors sales fell by 3.8% in May, at an annual pace of 4.81 million, down 15.3% from last years mark of 5.68 million by the same point in the year.
3) Apple finally caught a bid. After some big time selling in Apple (NASDAQ:AAPL), the company is now rumored to be releasing a major iteration with the release of iPhone 5. Add that to all the shareholders who are filling the blogosphere with articles about “Apple as a Value Stock”, and it was a matter of time before the buyers stepping in.