At the closing bell, the Dow Jones Industrial Average stood at 17,780.12, up 96.54 points (0.55 percent). The blue-chip index ultimately ended the day with a gain of 93.33 points, or 0.5%, to 17776.91, capping its biggest intraday swing since October 2011.
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The Standard & Poor’s 500 index lost two points, or 0.1 percent, to 2,066.
Among Dow members, Wal-Mart Stores gained 0.9 percent to lead the blue-chip index, but General Electric fell 1.8 percent and Intel lost 1.7 percent.
In this July 6, 2015 photo, an American flag is draped on the exterior of the New York Stock Exchange. Nasdaq Composite dropped 2.00 points, or 0.04 percent, to 4,989.94.
“Commodities bounced back and everything went with them”, said Tom Carter, managing director at institutional brokerage JonesTrading. Finance ministers and leaders from the region meet today, and they have all made clear the onus is on Greece to explain how it plans to pull itself out of the crisis.
“When you look at the proportion of revenue derived from China for USA firms it can be 30 per cent, so if that economy is struggling it will be a much bigger story for the USA stock market than Greece“, Mr Braakman said.
Investors sought out the relative safety of government debt.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.29 percent from 2.39 percent late Thursday. “Investors are going into panic mode and saying, ‘Just get me out, ‘” he added.
“The result was clearly a more decisive “no” than the polls had suggested”, said Pavel Molchanov, equity research analyst at Raymond James.
NEW YORK-US stocks fell moderately Monday, joining most global bourses in moving lower after the Greek vote against further austerity measures raised fears the country could exit the eurozone. “The fear that there won’t be a bailout for Greece combined with what’s going on in China”.
ENERGY: Benchmark USA crude rose 44 cents to $53.01 per barrel in electronic trading on the New York Mercantile Exchange. Shares of Chinese e- commerce giant Alibaba Group Holding Ltd. fell 0.8%.
Markets in China extended their slump.
In Europe, Germany’s DAX fell 1.1 percent while the CAC-40 in France fell 1.6 percent.
“What most banks and research shops were predicting was that the measure would pass, Greece would take some of its tough medicine and move on”, Erik Wytenus, global investment strategist at J.P. Morgan Private Bank, said.
Stocks and bonds in Europe fell Monday, but the decline was not as dramatic as some investors had expected.
Mr Wytenus said he was telling clients to keep calm, look through all the geopolitical noise and buy European stocks. Yields fall as prices rise. Utilities shares in the S&P 500 advanced 2.5%.
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Separately, volatility in Asian markets spilled over to USA markets. The earnings season unofficially kicks off Wednesday afternoon with Alcoa Inc.’s second-quarter report.
