Rough Week For the Bulls as Major Indices End Lower
It was a rough week for the bulls as all the major indices ended the week lower. The Dow was the only one to squeeze back into the green ahead of the closing bell. The Dow and the S&P 500 snapped a two week winning streak while the Russell 2000 is down for its first week in four.
In sectors, for the week, most are down, but telecom, consumer discretionary and health care all settled in the green, with health care getting a boost from the supreme court ruling in favor of Obamacare.
The 10-year treasury yield settled at 2.48% today, the highest settlement in 8-months. Could this be a sign that investors are confident Greece and creditors will pull off an 11th hour deal this weekend before Tuesday's deadline to come up with a debt repayment to the IMF?
Here's what you need to watch next week - we have pending home sales on Monday, S&P Case Shiller index and consumer confidence on Tuesday. Wednesday we will be watching the ADP employment report for the month of June, along with the ISM manufacturing number. Thursday we get both initial jobless claims and June's jobs number. And Friday the markets are closed for the 4th of July holiday.