At the start of week, stocks gained, with the Dow and the S&P 500 snapping a 3-session losing streak and the Dow closing above 12,000, ahead of the austerity measures vote in Greece and after banking regulators issued capital rules for the biggest financial institutions that were less onerous as expected. Participants shrugged-off the data that showed stagnation in consumer spending.
In Asia, equity markets struggled, ending mixed for the session. Participants continued to worry about the European debt crisis and its impacts on the financial system. Japanese stocks fell ahead of the U.S. consumer spending data, worrying that consumers have reduced their spending as a weak labor and housing market continue to weigh. China moved higher, buoyed by transports as oil prices fell, limiting losses in Hong Kong.
In Europe, equity markets moved higher after a choppy session, helped by signs of progress on how to get private bondholders share the burden of a solution to Greece's debt problem.
Among the S&P 500 sectors, technology, consumer discretionary, and financials were the best performing, while materials dragged.
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