A nervous stock market managed to post a modest gain for the week as the financial world awaits the results of Sunday’s election in Greece. The S&P 500 Index closed at 1,342 up 1.3% for the week.
Randall Forsyth of Barron’s noted that “stocks took off Thursday afternoon in the U.S. in reaction to various reports that the world’s central banks stood ready to take action if the result’s of Sunday’s Greek elections sent global markets into yet another nosedive.”
The benchmark Ten Year Treasury closed the week with a yield of 1.58%, which was down from 1.63% of the previous week.
Next Week’s Potential Market Moving Events:
Monday: Fallout for good or bad from the previous day’s Greek elections will set the tone for the remainder of the week, if not year.
Wednesday: Fed (FOMC) two-day meeting wraps up. In addition to a potential reaction to the European Crisis, some are hoping for an extension of the Fed’s operation twist program which is set to terminate before the end of June.
WEEKLY SECTOR ETF PERFORMANCE
| ETF Sector Performance | ||||||||||
| Week Ended June 15, 2012 | ||||||||||
| Weekly | Q1 | 2QDT | YTD | |||||||
| SPY | S&P500 SPDR | 1.3% | 12.7% | -4.2% | 7.9% | |||||
| XLF | Financials | 1.9% | 21.9% | -8.8% | 11.2% | |||||
| XLU | Utilities | 1.2% | -2.6% | 6.4% | 3.6% | |||||
| XLB | Materials | 0.4% | 10.8% | -6.1% | 4.0% | |||||
| XLP | Consumer Staples | 1.4% | 5.4% | 1.4% | 6.9% | |||||
| XLY | Consumer Discretionary | 0.4% | 15.9% | -3.4% | 12.0% | |||||
| XLV | Health Care | 1.8% | 9.0% | -0.9% | 8.0% | |||||
| XLI | Industrial | 0.9% | 11.4% | -6.1% | 4.5% | |||||
| IYW | Technology | 0.1% | 21.9% | -9.2% | 10.7% | |||||
| IYZ | Telecom | 2.8% | 6.2% | 0.0% | 6.2% | |||||
| AGG | Aggregate Bond | 0.4% | 0.1% | 2.0% | 2.2% | |||||
| TIP | TIPS Bond | 0.5% | 0.8% | 4.0% | 4.9% | |||||
| LQD | Inv. Grade Corp Bond | 0.3% | 2.3% | 2.1% | 4.5% | |||||
| GLD | Gold | 2.0% | 12.0% | -2.6% | 3.8% | |||||
| Source: Yahoo Finance | ||||||||||
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