(As of 9:50 am pacific)
Stocks continued to rise in the US as investors shrugged
off mostly disappointing economic data to focus on a report yesterday that
claimed a global coalition of central bankers had discussed plans for action
next week if needed following the much anticipated Greek elections this
weekend. In the US, industrial
production weakened in May slipping 0.1% from April. Economists expected no change.
Manufacturing growth slowed in the New York area, as the Empire State
index showed a sharp decline to a reading of 2.3 from 17.1 in May. It was the lowest reading since November of
last year. The Empire State index is an
important gauge of the health of the manufacturing sector. A positive reading over 0 signals
expansion. Consumer sentiment also fell
this month to the lowest level since December according to the University of
Michigan/Thomson Reuters survey.
European stocks were up as well as Asian stocks as all attention is
focused on what happens in the Greek elections over the weekend. Oil prices slipped slightly and gold was
up. The US dollar was mixed but up
against the euro while the US 10 yr. treasury yield dipped slightly to
1.58%. The average 30 yr. mortgage rate
remained incredibly low at 3.67% and volatility bounced around as investors are
having a hard time predicting the impact Greek’s elections could have on next week’s
market direction.
