The USA markets traded jubilantly and ended higher on Friday on optimism that Greece will finally be able to reach a new agreement with its creditors.
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United States stocks were in positive territory all day, but the gains eroded in the afternoon.
The S&P 500 rose today 0.2% to 2,051.31, after being up as much as 1.3%, while the Dow Jones Industrial Average gained 0.2% to 17,548.62, after being up as much as 1.4%. The proposal was welcomed by French and Italian officials, while German officials were more circumspect.
“Possibly what the market is saying is either the expectation for a “no” vote and for an exit are already priced into the USA market, or the expectation is whatever happens in Greece related to Europe won’t adversely affect USA growth”, said Sam Stovall, chief investment strategist at S&P Capital IQ.
The Dow is down 46.16 points, or 0.3 percent.
The Nasdaq composite dropped 87.70 points, or 1.8 percent, to 4,909.76.
Plug Power (NASDAQ:PLUG) advanced 14.4 percent to $2.55 after the provider of alternative energy technology expected to report “record revenue” in the second quarter and reaffirming its 2015 guidance. The move is seen as likely to promote higher seat prices.
The Nasdaq is up 261.40 points, or 5.5 percent. Bond prices and yields move inversely.
News Corp rose 0.6 percent ahead of next week’s launch of “Go Set a Watchman”, the highly anticipated novel by Harper Lee. Both HarperCollins and The Wall Street Journal are owned by News Corp.
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Petroleum-linked stocks fell, including Dow member Chevron (-1.2 per cent), producer Apache (-2.3 per cent) and oil-services giant Halliburton (-2.8 per cent).
