(As of 7:20 am PST)
US stocks inched higher
Tuesday as investors sifted through a busy data calendar while also cheering on
prospects of a Greek debt deal later this week. Stocks rose on Monday after
Greek officials submitted new reform proposals to its creditors that appeared
to be a positive step in the right direction after months of negotiating.
European markets soared on the news Monday and are continuing to rally today on
the Greece hopes as well as strong PMI and consumer confidence data throughout
Europe. Speaking of data, the US calendar is full of reports today. Orders for
durable goods fell 1.8% in May, more than expected, as demand for commercial
aircrafts slowed. A report on US home sales showed sales for new single-family
homes rose 2.2% in May to an annual rate of 546,000, hitting the fastest pace
since 2008. Data in the US remains strong supporting the Fed’s path toward a
rate hike later this year. In other news today, Asian stocks finished higher
with shares on China’s Shanghai composite index recovering after tumbling
nearly 5% earlier Tuesday. Oil is down 1% today while gold is also down
slightly. Interest rates are climbing as is the US dollar.
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