The stock markets in the United States gained as investors weigh the possibility that Greece will be able to reach an agreement with its international creditors.
Matt Maley, an equity strategist at Miller Tabak & Co. told Bloomberg, “Matt Maley, an equity strategist at Miller Tabak & Co., “I don’t think anyone wanted to be caught short ahead of the Fed meeting. The situation in Greece is still up in the air and will be for a little while, but it doesn’t look like that’s holding investors back today.”
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
Greece Prime Minister Alexis Tsipras criticized the country’s creditors during a speech, in Athens on Tuesday. He accused the International Monetary Fund (IMF) of criminal responsibility for Greece’s predicament and the European Central Bank (ECB) of using strategies similar to “financial asphyxiation.”
Tsipras said, “The situation in which we find ourselves today is that IMF positions prevail when it comes to the strictness of austerity measures asked, while at the same time EU positions prevail when it comes to the denial for any discussion about Greek debt sustainability.”
On the other hand, Germany’s Chancellor Angela Merkel delivered a more conciliatory remark regarding Greece’s debt negotiation. Merkel said she would “do everything possible to keep Greece in the Eurozone.”
The finance ministers of the European Union are scheduled to meet on June 18, to resolve the stalemate in the debt negotiations with Greece. The bailout for the country expires on June 30.
The Department of Commerce reported that the housing starts declined 11.1% to 1.04 million units in May. The agency said the April starts were revised upward to 1.17 million units, the highest rate since November 2007.
“A big decline was almost inevitable after such a surge in AprilWith the labor market continuing to improve and unemployment coming down, overall conditions for housing should remain pretty favorable,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.
- Dow Jones Industrial Average (DJIA) – 17,903.21 (+0.63%)
- S&P 500- 2,096.30 (+0.57%)
- NASDAQ- 5,055.55 (+0.51%)
- Russell 2000- 1,268.95 (+0.63%)
- EURO STOXX 50 Price EUR- 3,454.09 (+0.47%)
- FTSE 100 Index- 6,710.10 (-0.01%)
- Deutsche Borse AG German Stock Index DAX- 11,044.01 (+01.54%)
- Nikkei 225- 20,257.94 (-129.85%)
- Hong Kong Hang Seng Index- 26,566.70 (-295.11%)
- Shanghai Shenzhen CSI 300 Index- 5,065.59 (-156.44%)
Stocks in Focus
The shares of Aerie Pharmaceuticals gained 50% to $19.91 per share. The company received approval from the FDA to change the primary endpoint for its second phase 3 registration trial of Rhopressa eye drops for patients with glaucoma or ocular hypertension.
The stock price of Coty surged more than 19% to $31.09 per share. The company won auctions to acquire beauty product lines from Procter & Gamble, according to the New York Post. The estimated value of the transactions could reach around $12 billion.
The stock value of NCR Corporation increased more than 10% to $34.73 due to reports regarding a potential $10 billion joint bid from Blackstone and Carlyle Group.