BRIEF MARKET UPDATE (4:30 pm EDT)
The broad stock market had a bit of a roller coaster ride today but ended the day nearly flat. China's economic figures released in the morning were weak but better than expected, and this likely pushed the market up into mid-day. Janet Yellen's comments to the House Financial Services Committee didn't faze markets very much. She seemed optimistic about the economy and reiterated her intent to raise interest rates "at some point this year".
The DOW plunged in mid-afternoon apparently in response to news reports and videos of violent protests in the streets of Athens by anti-austerity supporters who feel betrayed by Greek Prime Minister Alexis Tsipras's acceptance of the EU's latest austere bailout terms. It seems this reminded investors of the possibility that Greece could reject the new bailout. The DOW recovered, however, and closed the day with a loss of only 3 points.
Today's debate in Greece's parliament on whether or not to approve tough new economic measures for its country in return for a desperately needed bailout could go on until midnight. Most analysts expect the reforms to be approved. We shall have to wait until tomorrow to see what effect this vote will have on the markets.
The broad stock market had a bit of a roller coaster ride today but ended the day nearly flat. China's economic figures released in the morning were weak but better than expected, and this likely pushed the market up into mid-day. Janet Yellen's comments to the House Financial Services Committee didn't faze markets very much. She seemed optimistic about the economy and reiterated her intent to raise interest rates "at some point this year".
The DOW plunged in mid-afternoon apparently in response to news reports and videos of violent protests in the streets of Athens by anti-austerity supporters who feel betrayed by Greek Prime Minister Alexis Tsipras's acceptance of the EU's latest austere bailout terms. It seems this reminded investors of the possibility that Greece could reject the new bailout. The DOW recovered, however, and closed the day with a loss of only 3 points.
Today's debate in Greece's parliament on whether or not to approve tough new economic measures for its country in return for a desperately needed bailout could go on until midnight. Most analysts expect the reforms to be approved. We shall have to wait until tomorrow to see what effect this vote will have on the markets.
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