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Markets bounced this morning on news that Germany and France had sorted out a deal for Greece, but lost most of those gains throughout the day. The Nasdaq did not participate in the fun.First, the scoreboard:
- Dow up 0.37%
- S&P up 0.31%
- Nasdaq down 0.28%
Now, the headlines:
- The only thing that mattered to markets today was what happened with Greece. And this morning, there was a clear signal out of Germany that Angela Merkel’s government was willing to give to the ECB and France and not force haircuts on private sector bondholders. That sent markets in Europe and the U.S. higher.
- But, after that, markets in the U.S. started to drift lower. We got some weak data on consumer sentiment, and a sizable beat on leading indicators. But it seemed the market knew that what Germany said really wasn’t what mattered at the moment on the Greek bailout.
- This weekend is all about Greek parliament watch. A vote of no confidence has the potential to knock the current Greek prime minister out of power, and derail the country’s austerity plans. That would prevent the IMF from releasing its next bailout tranche to Greece in July. The vote could occur as soon as Sunday, a very Lehman-like scenario.
- Other than the Greek crisis, today was all about tech weakness. RIMM shares tanked after yesterday’s awful guidance revealed the extent of that company’s slide. Google shares were also off big, and Apple too, dragging down the Nasdaq. Oil also tanked today big.
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