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Happy Independence Day, everyone!
The TSP stock funds had a negative day on Monday with all of them posting >2% losses triggered by troubles in Greece when withdrawal limits were put on Greek bank accounts . Stocks opened higher Tuesday but closed off the highs as investors sold into the close, but rallied on Wednesday after a potential deal between Greece and the IMF satisfied this headline driven market.
Jobs Report Disappoints, Participation Rate Falls to Lowest Since 1977
+223,000, unemployment 5.3%
Jobs Report Disappoints, Participation Rate Falls to Lowest Since 1977 - Bloomberg Business
Stocks rallied on Wednesday following a potential deal between Greece and the IMF, but there is still nothing official. The Dow rallied 138-points as investors now seem more concerned about missing out on a positive reaction from a deal, than being caught if there is no deal. History suggests a deal will be made, but expecting a deal may mean a little too much complacency out there.
Stocks opened higher on Tuesday but the gains did not stick very long. The Dow, which was up over 100-points twice during the day, ended the day up 23-points. The midday spike was some Fed comments on interest rates, but the situation with Greece up against its deadline and investors sold into the close.
Stocks opened sharply lower on Monday and barely caught a bid as the indices drifted down all day, closing near the lows. The Dow ended the day down 350-points, or about 2%, and the broader indices were down slightly more. The run for the banks, small limits on withdrawals, empty ATMs, and bank closings in Greece were the culprit as we have seen unfold for several days now - or in reality, years.