The normally quiet post-Christmas, pre-New-Year’s trading week started off with a bit a of a bang in today’s European session after Greece’s Parliament failed to agree on a new president for the third and final time.
After last week’s series of high-impact economic reports, including the European Central Bank meeting and the Non Farm Payroll report, traders were looking forward to an opportunity to catch up on their Christmas shopping lists this week.
U.S. stocks declined, sending the Standard & Poor’s 500 Index toward the lowest closing level since March, as Greece struggled to form a new government amid growing speculation the nation may leave the euro region.
Gold is overreacting to bad news and ignoring good news. Calmer heads may want to focus on the good news that physical demand from Asia is improving in the case of India and exploding in the case of China.
U.S. stocks fell, sending the Dow Jones Industrial Average lower for a fifth day, as the struggle by Greece’s political leaders to form a government underscored growing concern about the region’s debt crisis.