Stocks Recover After Largest Stock Selloff Of The Year

globU.S. stock indexes are rebounding on Tuesday following the largest stock selloff of the year that occurred yesterday over negative week-end developments concerning Greece’s debt problems and capital controls being imposed on Greek banks ahead of a July 5th referendum to determine if Greece should accept bailout terms from their creditors and remain in the 19 member euro currency bloc.

European Commission President Jean Claude Junker made a last minute offer on the existing bailout proposal that Greek PM Alexis Tsipras rejected last week but there was no response from Greece’s left wing government that remains opposed to accepting the budget cuts and tax increases that their creditors have requested.

Greece’s temporary bailout extension officially expires tonight and Greece is set to fall into arrears with the IMF over a €1.6 billion debt payment that is due today.

On Thursday the U.S. Department of Labor will release the non-farm payroll report for June since Friday is a U.S. holiday. Economists from briefing.com are forecasting 250,000 jobs to be added in June.

-Johnathan Schweitzer

 

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