U.S. stocks closed higher, with the Dow and S&P rebounding from their biggest losses of the year, as a last-minute diplomatic scramble got under way to keep Greece from defaulting on its debt payments.
Eight sectors finished the month in negative territory. The Semiconductor Index lost 8.7% in June.
All of this financial turbulence overseas could delay the Federal Reserve’s plans to raise short-term interest rates in the months ahead which will be bullish for us if that happens.
The next few days will be interesting as Greece convenes this weekend and the U.S. releases the all important jobs numbers on Thursday. Its important that we get a Goldilocks type of jobs number, not too hot, not too cold.
Biotech acted well today and IBB popped $8 or 2.4%. Its important to see the most risk on group act well in this environment and telegraphs to me that we may have seen the worst of things.
Lets not forget the market is closed Friday, so we have two trading days left this week.
See you in the morning. I”m looking to get more active soon.