Friday, May 29, 2015
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Market Digest Online FRIDAY, MAY 29, 2015: U.S. stocks closed Thursday's trading session lower as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment. The Dow transports resumed their decline, falling about 1 percent. U.S. stocks have alternated between losses and gains in the last three trading days. Airline giants Delta Air Lines and American Airlines have seen their stock drop by about 6 percent and about 13 percent, respectively.

Regarding Greece, IMF Managing Director Christine Lagare told a German newspaper that a Greek exit from the euro zone was possible but that this would probably not herald the end of the euro currency. She said such a step would "not be a walk in the park" but would "probably not" mean the end of the euro. European equities closed flat to lower on Thursday.

On Wednesday, both U.S. and European equities rallied after Greece said it had stated crafting a "staff level agreement" with its international bailout supervisors. However, European officials rebuked the claims on Thursday, saying there was some way to go before any agreement could be drawn up and that they were surprised by the upbeat sentiment from Greece. The Greek government's spokesman still said a deal should be reached by Sunday, Reuters reported.

The Dow Jones Industrial Average closed down 36.87 points, or 0.20 percent, at 18,126.12, with Caterpillar leading laggards and Intel and DuPont the greatest advancers. Thursday's session also marked the fourth time in six sessions where blue chips closed down. The S&P 500 closed down 2.68 points, or 0.13 percent, at 2,120.80, with industrials and energy leading decliners and materials leading three advancers. The Nasdaq closed down 8.62 points, or 0.17 percent, at 5,097.98.

Earlier, investors remained cautious following China stocks plunging 6.5 percent on Thursday, with traders citing the tightening of marginal lending rules as an explanation. Despite the selloff, the Shanghai Composite is still up more than 40 percent year-to-date.

About three stocks declined for every two advancers on the New York Stock Exchange, with an exchange volume of 690.20 million and a composite volume of 2.934.30 billion. Crude oil futures closed up 17 cents to $57.68 a barrel on the New York Mercantile Exchange. Gold futures settled up $2.50 to $1,188.10 an ounce.

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