Stock Market News Today, Dec. 27: U.S. stocks are yet again forging higher in this post-Christmas holiday. As of 10:30 a.m., the Dow Jones Industrial Average is up 22.5 points, or 0.14%, at 16,502.38. The Standard & Poor's 500 Index is up just 1.89 points, or 0.10%, at 1,843.91. The Nasdaq is up 2.70, or 0.06%, at 4,169.88.To continue reading, please click here...
Stock Market Today: This Bank Stock Faces More Backlash
The Greek elections did not generate any significant movement in the stock market today, which is especially bad news for one particular bank stock that's taking a lot of heat from investors.
Greece decided not to leave the euro Sunday as the pro-bailout New Democracy party narrowly won elections tallying just over 30% of the vote. Investors had feared a win by an anti-austerity movement could lead to a breakup of the euro and possibly the European Union.
That's all good news except stock markets opened lower Monday following the announcement.
Maybe investors really wanted the worst to happen concerning Greece, insuring more action by the Federal Reserve when they meet later this week. QE3 is still a possibility but it seems that some are disappointed by the Greek elections, which could just be a postponement to Greece's eventual "Grexit" from the euro.
European markets rallied following the election results, but by the time U.S. markets opened investor sentiment had become neutral. It seems that until the Fed's meeting concludes on Wednesday investors will be stuck waiting for more news out of Europe to guide them.
One sector that has been vilified recently is financial stocks, and today's headliner is Morgan Stanley (NYSE: MS).
The Wall Street Journal this morning highlighted Morgan Stanley for its leading role in Facebook's IPO debacle.
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