US stocks disappointed today, retreating back from the first weekly advance of the new year, as results from United Parcel Service overshadowed renewed optimism that central-bank stimulus will boost global growth.
By Paolo Palazzi-Xirinachs
Saturday, January 24, 2015
European equities rose with government bonds, while the euro sank to an 11-year low - and everyone is holding their collective breaths to see what happens with the Greek’s election this coming Sunday.
Greek Elections Could Roil Markets
The European Central Bank (ECB) announced on Thursday unveiled a plan to buy 60 billion euros ($68 billion) a month in bonds through September 2016 in an effort to combat the threat of deflation. The euro’s drop was exacerbated by concern an anti-austerity party will take power in Greece after elections Sunday.
Market, Earnings and International News
Just before market close EST, the S&P 500 has lost 0.4% - after rallying 1.5% yesterday. The Dow Jones Industrial fell 92.99 points, or 0.52% to 17,720.99, and the Nasdaq added 9.74 points, or 0.21%, to 4,760.14. Amongst equities UPS slumped 9.9%, the most since 2008, while Starbucks surged as earnings soared. UPS plunged after saying an over-expanded program to handle a deluge of holiday shipments left its network underutilized on some other days.
In international news, the Stoxx Europe 600 Index added 1.7% for a seventh day of gains – despite economic unrest in the EU. The bond rally sent Italy’s 10-year borrowing costs below 1.5% percent for the first time. The euro weakened 1.3% to $1.1221
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