STOCKS RALLY, OIL FALLS: Here's what you need to know
First, the scoreboard:
- Dow: 17,863.9, +134.7, (+0.8%)
- S&P 500: 2,067.8, +21,(+1%)
- Nasdaq: 4,786.3, +60.3, (+1.3%)
And now, the top stories on Tuesday:
1. The market was focused on Greece. Again. On Tuesday, one EU official told news agency MNI that the situation in Greece is "berserk" and said "the Greeks are digging their own graves." Speaking before Greek parliament on Tuesday, Greek finance minister Yanis Varoufakis said that Greece isn't seeking a clash with its creditors, but added that, "you're not negotiating if you've ruled it out." More headlines out of Greece are expected tomorrow are the eurozone's finance ministers are set to meet.
2. Credit Suisse downgraded its outlook for the S&P 500, taking its mid-year and year-end price targets down to 2,100 and 2,150, respectively. The firm had previously forecast the S&P 500 to hit 2,200 at year-end and 2,250 in the middle of this year. In a note to clients, Credit Suisse analyst Andrew Garthwaite outlined four things that stood as near-term red flags for the stock market, including the situation in Greece, which Garthwaite said he expects could drag on into July.
3. Oil had a terrible day on Tuesday, with West Texas Intermediate crude prices falling as much as 5% and briefly falling below $50 a barrel as the market continues to feel out whether the recent gains seen in crude are signs of a meaningful bottom or just a "dead cat bounce."
4. There are more oil cuts coming in the oil space. A report from the Houston Business Journal on Tuesday said that oil giant Halliburton will lay off up to 6,500 employees. In a statement provided to the HBJ, a Halliburton spokesperson said, "We've already taken initial steps to address headcount internationally. And as activity in North America begins to fall more sharply, we will make similar adjustments here as well."
5. Job openings rose to their highest level since January 2001 according to the latest job openings and labor turnover survey report from the BLS. The JOLTS report showed that job openings in December were more than 5 million, their highest in mor than a decade, as signs of improvement in the labor market continue to roll in.
6. We're still a ways away from the 2016 presidential election, but markets are already eyeing up the presumed frontrunners, and in a note to clients on Tuesday, Greg Valliere at Potomac Research outlined three reasons why markets would like a President Hillary Clinton.
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