Stocks: Investors wary over Greece

June 27, 2011: 8:43 AM ET
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NEW YORK (CNNMoney) -- U.S. stocks were poised to start the week little changed Monday, as investors digested personal income and spending data.

Investors were also bracing for Greece's parliament to begin debating the Greece austerity plan, mandated by the European Union and International Monetary Fund in exchange for a financial rescue package for the debt-stricken country.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures rose slightly before the opening bell. Futures measure current index values against perceived future performance.

It has been a difficult three months for Wall Street. The Dow has fallen 3% since March 3, while the broader market S&P 500 index is down 4.3%.

Despite recent weakness and volatility, the market could be in store for a rebound next month, and in the second half of the year.

Stocks don't need (or want) more stimulus

"There are going to be fits and starts along the way, but as a whole we should see the market go higher," said Anthony Conroy, head trader at BNY ConvergEx Group. "We still have problems in Greece, banks, real estate -- but when there are lots of worries out there and you see volatility, that means there's room for opportunity on the longside."

As the economy gradually improves and some uncertainty clears, Conroy said he wouldn't be surprised for stocks to gain 6% to 7% in the next six months. Even without the expiring Fed stimulus plan, known as QE2, Conroy said easing oil prices will act as a "false QE3," and help to boost the market.

Stocks fell deep into the red Friday, as disappointing news out of the tech sector offset slightly positive economic reports on U.S. gross domestic product and durable goods orders.

Economy: Personal income rose 0.3% in May, the Commerce Department reported Monday. That was slightly lower than the 0.4% economists had forecast, and follows a 0.4% rise in April.

Spending was unchanged in May, after ticking up 0.4% in the previous month. Economists surveyed by Briefing.com were looking for spending to have edged up 0.1% last month.

World markets: European stocks were mixed ahead of the debate on the austerity package for Greece. Britain's FTSE 100 ticked up 0.2% and France's CAC 40 rose 0.3%, while the DAX in Germany lost 0.2%.

Asian markets ended mixed. The Shanghai Composite soared gained 0.4%, while the Hang Seng in Hong Kong fell 0.6% and Japan's Nikkei tumbled 1%.

Companies: Citigroup (C, Fortune 500) said 3,400 of the customers who were hacked in its recent data breach suffered about $2.7 million in losses. The news came after the company said last week it discovered that more than 360,000 accounts had been hacked.

Shares of Chinese company LDK Solar (LDK) surged more than 7% after the company said it plans to buy back $110 million of its American depositary shares.

Appliance maker Stanley Black & Decker (SWK, Fortune 500) made a $1.2 billion offer to buy Swedish information technology company Niscayah Group. Shares of Stanley Black & Decker rose about 1% in premarket trading.

Athletic apparel giant Nike (NKE, Fortune 500) is scheduled to report its earnings after the closing bell.

Stocks: Investors prep for quarter end

Currencies and commodities: The dollar weakened against the British pound and the euro, but gained versus the Japanese yen.

Oil for August delivery slipped 36 cents to $90.80 a barrel.

Gold futures for August delivery added $2.60 to $1,503.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 2.88%, from 2.86% late Friday. To top of page

Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
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