Faded Again; Stocks Give Up Greek Election Gains
Tweet
Share
E-mail
As was feared, many markets around the world have given up gains after initial euphoria related to the Greek election news.
The FTSE and DAX are up just fractionally and Dow and S&P 500 futures are indicated to open lower. Traders are also focusing on the Spanish 10-year yield, as it soars above 7%.
In Greece, with votes nearly all counted, the pro-bailout New Democracy had 29.6 percent of the vote and 129 seats out of the 300 seats in Parliament. The anti-bailout Syriza party had 26.9 percent and 71 seats.
This is the second time in as many weeks that seemingly positive news out of the Eurozone has created a knee-jerk higher only to see the gains fade away in short order. Last week it was centered around the Spanish bank bailout.
The FTSE and DAX are up just fractionally and Dow and S&P 500 futures are indicated to open lower. Traders are also focusing on the Spanish 10-year yield, as it soars above 7%.
In Greece, with votes nearly all counted, the pro-bailout New Democracy had 29.6 percent of the vote and 129 seats out of the 300 seats in Parliament. The anti-bailout Syriza party had 26.9 percent and 71 seats.
This is the second time in as many weeks that seemingly positive news out of the Eurozone has created a knee-jerk higher only to see the gains fade away in short order. Last week it was centered around the Spanish bank bailout.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Five9 to join S&P SmallCap 600 index on August 3
- Adidas earnings preview: Analysts sees strong Q2 on brand momentum
- Household products giant faces earnings test as broker sees softer quarterly profit
Create E-mail Alert Related Categories
Hot List, Market Check, Trader TalkRelated Entities
Standard & Poor'sSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
