Markets closed mixed on Wall Street today: Dow +0.12% , S&P +0.07% , Nasdaq -0.11% , Oil +2.37% , Gold +2.03% .
On the commodities front, Oil rose to $106.06 a barrel. Precious metals were also up, with Gold climbing to $1,760.90 an ounce while Silver rose 3.43% to settle at $34.43.
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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. But 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.
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To contact the reporter on this story: Emily Knapp at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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