Top 3 Reasons Markets Were Up on Hope for Greece
Markets closed up on Wall Street: Dow +0.63%, S&P +0.54%, Nasdaq +0.50, Oil +0.26, Gold +0.08%.
On the commodities front, Oil (NYSE:USO) had a slight uptick, closing over $93 a barrel. Precious metals were both up slightly with Gold (NYSE:GLD) adding $1.20 to close at $1,540.30 and Silver (NYSE:SLV) showing modest gains of 0.70%, about 25 cents.
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Today’s markets were up because:
1) No Big Earnings Reports. Just about every day it seems some big company announces dismal earnings below expectations and their plummeting share prices pull down the market. But today no such news. With the slowly recovering economy taking a turn for the worse this past month, no news is good news. In the meantime, check out our new Wall St. Cheat Sheet earnings sneak peeks: Micron Technology Inc. Third Quarter Earnings Sneak Peek.
2) Hope for Greece. EU leaders have expressed their confidence that a Greek aid package will be decided upon shortly, and it seems likely they might be able to avoid a default. The absence of bad news is giving the euro a boost. A resolution should come any day now, and analysts expect investor relief to account for significant gains on all the indices. Check Out: Greece Getting Desperate, Will Sell off State Assets.
3) Big Individual Company News. The indexes were all propped up today by a few big companies with big gains. Ford (NYSE:F) shares were up as they announced plans to revamp the Lincoln brand, while fellow Detroit-based competitor GM (NYSE:GM) also saw shares rise today. Wal-Mart (NYSE:WMT) shares were up after they won their Supreme Court sex bias case, while the healthcare and consumer discretionary sectors showed the highest gains today, while the tech sector was also up with big gains from Caterpillar (NYSE:CAT) and DuPont (NYSE:DD) leading the way.