US Stocks ended a volatile trading session slightly higher yesterday. The US Stock market ended the 2nd quarter lower. It was the first negative performance quarter for US stocks in 9 quarters. On the year stocks are essentially flat.
The Eurozone-funded portion of Greece's $272 Billion rescue deal officially expired last night. Greece is also now in arrears with the International Monetary Fund after missing a $1.5 Billion payment that was due yesterday. The IMF has now officially suspended any financing to Greece which is going to make it very tough on the Greek people. It appears that Greece is backing themselves into a corner with few options but to default and leave the European Union.
The Case/Shiller Index which measures house prices in 20 major US cities shows that house price rose 1.1% nationally in April over the same period last year. Seattle saw the largest monthly increase of any major US city.
US consumer confidence jumped higher in June, much higher than economists had expected. Over the last 2 months the US consumer has grown more confident about the state of business and employment conditions.
And Nike the world's largest shoe company announced yesterday that their founder and chairman, Phil Knight, will step down as chairman next year. Knight said he will continue to play an active role in the company after his tenure ends. Knight still owns 16.26% of the company.