An early decline gives way to decent gains as traders shrug off worries about Europe and higher Chinese interest rates. The ISM non-manufacturing index slips. Oil moves lower; transports flirt with record highs. Netflix gets a downgrade.
The Chicago PMI report cheers investors, who are hoping the economy's soft patch is firming up. Greece's parliament approves austerity legislation. Could Hewlett-Packard be broken up? Oil and gold fall.
Greece's vote to raise taxes and cut spending boosts the euro; oil and metals move higher. Big risks remain, though. Bank of America rises after settling a huge mortgage dispute. Stocks may have their best week since March.
But the rally fades in the last hour. Apple and Amazon.com shares pop on analyst upgrades. Nike earnings cheer the Street. Bank of America is declared undervalued. Gold drops below $1,500; crude oil falls, too.
Funds tracking the dollar, Italy, oil, agriculture and autos will be in the spotlight.
The decision to tap the Strategic Petroleum Reserve will shake out speculators and help consumers.
| Tags: | JimCrameroilTheStreetcom |
The release of 60 million barrels from reserves is pushing crude oil prices down. Will that mean less pain at the pump?
The blue chips fall 60, but the Greek news lets them regain most of their early losses, driven by economic worries. Crude oil falls below its 2010 finish after the US says it will sell oil from its Strategic Petroleum Reserve. Exxon and Chevron sag.
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