U.S. stocks investors continue to keep a nervous eye on the ongoing Greek debt crisis stalemate.
The S&P MidCap 400 managed to establish a new high in early July but sold off soon after. It still trails the Russell 2000 for the year.
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The early optimism that Greece would soon reach an agreement with its creditors, preventing a financial crisis in the country and avoiding the first exit of a country from the Eurozone, has vanished.
It looked like Greek officials had agreed to a series of tax increases and spending cuts aimed at bringing the nation in line with EU fiscal guidelines.
Negotiations stalled, the country missed debt payment deadlines and has adopted a bank holiday.
Worries over the Greece situation trumped generally positive U.S. economic news.
Favorable reports came in on both existing and new home sales, as the combined number of single-family sales reached its highest level in eight years.
News of proposed mergers among health insurers did little to help the overall performance in the sector.
The broader healthcare sector did get a boost from the Supreme Court’s decision to allow subsidies to continue on federal exchanges as part of the Affordable Care Act.
Still health care remains one of the strongest performers sectors over the last 5 years, according to Morningstar.
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