Wall Street Ends Lower On Oil, Greek Vote


Wall Street Ends Lower On Oil, Greek Vote

US stocks snapped a four session winning streak to end lower weighed down by weaknesses in energy shares on weaker oil prices and uneasiness in the market ahead, a Greek vote to decide whether or not it would accept tough austerity measures for another bailout.

The Dow Jones Industrial Average ended down 3.51 points at 18,050.17 after wavering between slight gains and unchanged for most of the session.

The benchmark S&P 500 index slipped 1.55 points or 0.2% to end at 2,107.40 points to remain about 2.15% higher for the month.

US stocks, Dow Jones Industrial Average, S&P 500 index, oil prices, Nasdaq Composite, Bucky Hellwig

The technology heavy Nasdaq Composite slipped 5.95 points or 0.1% to close at 5,098.84 points.\

It’s just the timing of dynamics around Greece. We had sold off right into getting into the heart of the issue around Greece, and now in July we’ve bounced a little coming out,” Joe Spinelli, head of single stock trading for the Americas at Deutsche Bank, told the Wall Street Journal.

Oil prices slumped more than 3% on growing anxiety on worsening the oil glut after a deal between Iran and the world powers to curtail the country’s nuclear program was reached.

The pact is expected to see the United States, the United Nations and the European Union lift economic sanctions against the fourth largest oil exporter allowing it to grow its exports once again.

Also weighing stocks down was growing uncertainty over Greece ahead of a vote to decide whether or not to accept tough economic overhauls for bailout cash.

There were reports of violent protests against the bailout deal outside the parliament bin Athens as members of parliament prepared to cast a vote on the bill.

“It looks like investors are worried there could be a glitch there. I think the consensus is it’s still going to pass the Greek parliament, but in the meantime, the buyers have stepped aside,” Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama, told Reuters.

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com