Morning Notes

13/07/2015 Argonaut Morning Note

US stocks have powered higher as the latest bailout proposal from Greece lifted hopes for a breakthrough with creditors this weekend. The Dow Jones Industrial Average gained 211.79 points (1.21 per cent) at 17,760.41 on Friday. The broad-based S&P 500 jumped 25.31 (1.23 per cent) to 2,076.62, while the tech-rich Nasdaq Composite Index surged 75.30 (1.53 per cent) to 4,997.70. Stocks were in positive territory all day after Athens's latest rescue plan conceded ground on major sticking points including tax and pensions. The proposal was welcomed by French and Italian officials, while German officials were more circumspect.

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10/07/2015 Argonaut Morning Note

U.S. stocks rose Thursday, though pulled back from their earlier highs, on the heels of gains in Chinese and European shares, with the Dow industrials rebounding from a five-month low. Both the Dow Jones and the S&P gained rose 0.2% to 17,549 and 2,051 respectively.

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09/07/2015 Argonaut Morning Note

The Dow Jones Industrial Average fell to a five-month low Wednesday amid a nearly four-hour suspension of trading on the New York Stock Exchange and broader concerns about the pace of global growth. The Dow Jones Industrial Average fell 261 points, or 1.5%, to 17,515 and the S&P 500 declined 35 points, or 1.7%, to 2,047. NYSE trading reopened Wednesday afternoon after a halt of nearly four hours, with the exchange attributing the outage to a technical issue. Concerns about the pace of global growth were sparked earlier Wednesday after the selloff in Chinese stocks spilled over into other markets.

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08/07/2015 Argonaut Morning Note

U.S. stocks pared their sharpest losses Tuesday, as a selloff in commodities abated and investors kept an eye on the latest turns in a last-minute push to keep Greece in the eurozone. Investors continued to track developments in Europe, where earlier Tuesday European policy makers expressed mounting frustration with Greece's government after the Greeks came empty-handed to a meeting of finance ministers. Officials had expected to discuss a new financing proposal from Athens. In the coming weeks, investors will turn their focus to second-quarter earnings reports from U.S. companies. The earnings season unofficially kicks off Wednesday afternoon with Alcoa Inc.'s second-quarter report. Quarterly profits for S&P 500 companies are forecast to decline 4.5% for the quarter, according to FactSet. That would mark the first decline since the third quarter of 2012.

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07/07/2015 Argonaut Morning Note

U.S. stocks drifted lower Monday after Greeks resoundingly rejected creditors' conditions for further financial aid. More than 61% of Greek citizens voted "no" in Sunday's referendum on the terms for a bailout that included pension cuts, tax increases and other measures. The "no" vote appeared to increase the likelihood that Greece may eventually exit the eurozone. Meanwhile, worries about China's stock markets contributed to the price of oil falling to a three-month low. Energy companies were the worst performing group in the S&P 500, which lost 8 points, or 0.4%, to 2,069. The Dow Jones Index dropped 47 points, or 0.3%, to 17,684.

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