Finance

Market Recap: Dow Retreats After Reaching 4-Year High

Markets closed mixed on Wall Street today:

▲ Dow +0.12 percent
▲ S&P +0.07 percent
▼ Nasdaq -0.11 percent
▲ Oil +2.37 percent
▲ Gold +2.03 percent

On the commodities front:

▲ Oil (NYSE:USO) rose to $106.06 a barrel
▲Gold (NYSE:GLD) climbing to $1,760.90 an ounce
▲ Silver (NYSE:SLV) rose 3.43 percent to settle at $34.43

(Related: Will Higher Gas Prices Derail the Recovery?)

Today’s markets were mixed because:

1) Greece: Today’s initial gains were driven by progress made in Greece after weeks of negotiating ended early Tuesday with a deal that will provide Athens with the 130 billion euros in funding it needs to stave off default. However, while the deal sparked a modest rally in the morning, investors had already largely priced in the all-but-certain conclusion.

2) Financials: Though the early rally dissipated in the afternoon, financial stocks stayed positive. Goldman Sachs, Morgan Stanley, Credit Suisse, Bank of America, and Citigroup all closed up between 0.6 percent and 2 percent. Of the financial heavyweights, only JPMorgan and Wells Fargo were in the red, the former dipping just below the break-even point in the last few minutes of trading.

3) Companies: Netflix shares fell 3 percent after Comcast announced a new video streaming service for all of its cable subscribers, while Home Depot got a boost after reporting fourth-quarter earnings and revenue that topped analysts’ expectations. Macy’s also reported better-than-expected earnings and sales that were in line with forecasts, while Wynn Resorts shares climbed as much as 6 percent on reports that the company plans to buy out Japanese gambling tycoon Kazuo Okada’s 20 percent stake at a big discount.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat sheet.]

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