Market Recap: Slovakia Takes Markets Hostage, Alcoa Breaks the Seal
Markets closed mixed on Wall Street today: Dow -0.15%, S&P +0.05%, Nasdaq +0.66%, Oil -0.07%, Gold -0.24%.
Today’s markets were mixed because:
1) Slovakia and Greece. Slovakia didn’t approve the EU bailout fund, but global leaders will keep the pressure on for another vote. In Greece, bondholders are awaiting a huge loss on their investments as Greece systematically defaults on different tranches of debt.
2) Banks. The Volcker Rule is now on display for comments. Banks (NYSE:KBE) are ready to put their comment cards in the suggestion box as the industry wants to keep regulations out of the way. Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Goldman Sachs (NYSE:GS) will undoubtedly have plenty of feedback about barring them from short-term trading for their own gains and investing in hedge funds or private equity funds.
3) Earnings Season. Earnings season is under way as Alcoa (NYSE:AA) broke the seal after hours. The aluminum company grew revenues 20%, but fell short on analyst expectations for profits. Here’s Your Cheat Sheet to Alcoa Earnings >>