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July 2, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News


Business News – Financial News – Stock News — New York Stock Exchange — Market News 2015

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015

This was a short trading week, due to the holiday Friday. During the past weekend, China’s central bank cut its benchmark lending rate by 25 basis points, the fourth reduction since November, in an effort to stimulate the economy. However, Greece dominated headlines for most of the week. Unable to find a compromise with creditors over debt repayment before the Tuesday deadline, the Greek government called for a referendum this Sunday. The referendum will ask voters to decide if they want to implement strict austerity measures and remain a part of the euro zone, or if they wish to exit and become independent. Fearing a run on financial institutions, Greece’s banks and main stock exchange were closed for the week, while banks placed a 60 Euro limit on withdrawals from cash machines.

On Monday the pending home sales index for May was up .9%, pointing to continued strength in the housing sector. Markets closed the day down dramatically, with the Dow Industrials losing 350 points, or almost 2%.

On Tuesday, the Case-Shiller home price index was up .3% month-to-month for April. Consumer Confidence was the bright spot, coming in at 101.4 for June, up over 7% and at some of its highest levels of the recovery.

On Wednesday, the ADP employment report for June was 237,000, up 34,000, stronger than expected, and the ISM manufacturing index for June was 53.5, up from the prior month’s 52.8. Construction spending for May was up .8%, after the prior month’s 2.2% increase. The Dow Industrials closed up 138 points on the strong employment report, as well as optimism that Greece will start to have successful negotiations after the referendum.

On Thursday, Jobless claims for the week ending June 27th were up 10,000 to 281,000. Nonfarm payrolls for June were 223,000, down from the prior month’s 280,000 and below expectations. The unemployment rate decreased .2% to 5.3%. Markets were slightly higher on the news.

Now let’s take a look at some stocks.

General Electric Company(NYSE:GE) shares dropped at the start of the week and continued to lag following the announcement that the company has reached an agreement to sell its U.S., Mexico, Australia and New Zealand fleet- financing business to Element Financial for .9 billion. The announcement was coupled with a tentative agreement to sell their European fleet segment to Arval.

Juno Therapeutics Inc(NASDAQ:JUNO)shares shot up on Tuesday from to after biotech giant Celgene said they will be investing billion. Celgene is looking to gain access to Juno’s current cancer treatment pipeline. The agreement will ensure Celgene a 10% stake in Juno and the rights to market the company’s therapies.

McCormick & Company, Incorporated(NYSE:MKC), the spice manufacturer, saw its stock fall by as much as 3% on Wednesday despite 2nd quarter earnings beating estimates. McCormick reported a profit of {videoDescription}.75 per share against analysts’ forecasts of {videoDescription}.68 per share. However, the company also said profit in the third quarter will be less than a year ago due to higher marketing expenses and unfavorable foreign currency exchange rates.

Business News – Financial News – Stock Exchange – New York Stock Exchange — Wall Street — Market News 2015

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