Equities close out the week with a whimper...
...today marked the complete opposite of Wednesday’s action for major averages, as equities were down across the board, and all 30 Dow components and all 10 S&P sectors finished in negative territory. Equities started lower amid negative news out of Greece while better economic data (including a jump in inflation) again perked up expectations of a Fed hike sooner than later (though September seems to be the time frame…if at all).
It felt more today (on light volume) like some profit taking into the weekend after no agreements on Greece repayment. The S&P 500 has been battling with 50 day and 100 day the past few weeks .and dropped back below its 50 day moving average of (2,103) today but held above its 100 day (2,087). Decline today were led on Energy (oil falls), Healthcare, and Technology, while Discretionary and Staples fell the least.
HammerstoneReport Closing ReCap 6/12/15