Dow Jones Industrial Average Leaps 100 Points As UnitedHealth Group Inc … – International Business Times

U.S. stocks traded higher Tuesday, with the Dow jumping 100 points, rebounding after sharp losses a day earlier. Concerns regarding Greece’s debt crisis were offset by anticipation ahead of the U.S. Federal Reserve’s two-day policy meeting.

Tuesday’s gains were driven by the consumer goods and services sector.

The Dow Jones Industrial Average (INDEXDJX:.DJI) gained 103.93 points, or 0.5 percent, to 17,891.36. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) added 6.5 points, or 0.31 percent, to 2,090.88. The Nasdaq composite (INDEXSP:.INX) rose 10.82 points, or 0.22 percent, to 5,040.70.

U.S. health insurer UnitedHealth Group Inc. (NYSE:UNH) led the Dow higher Tuesday, gaining 1.7 percent. Athletic apparel retailer Nike Inc. (NYSE:NKE), beverage company The Coca-Cola Co. (NYSE:KO) and consumer packaged goods company Procter & Gamble Co. (NYSE:PG) all rose more than 1 percent.

The blue-chip index erased all gains for the year a day earlier after debt negotiations between Greece and its creditors stalled, sparking fears Athens will default. “If Greece does default, the focus may soon move on to the far more serious issue of [a] potential Greek exit from the eurozone itself,” Jonathan Loynes, chief European economist at Capital Economics, said in a research note.

The Federal Reserve kicked off its two-day policy meeting Tuesday, followed by a statement from the Federal Open Market Committee on Wednesday. Market professionals will look for clues to the timing of the central bank’s interest rate hike, which most economists anticipate will happen in September.

Data released Tuesday showed U.S. housing starts, a critical indicator of U.S. economic strength, fell in May after surging the prior month as groundbreaking on new homes dropped 11.1 percent to a seasonally adjusted annual pace of 1.04 million units, the Commerce Department said Tuesday.

However, permits for future construction leaped to a near eight-year high as permits for future home construction rose 11.8 percent to a 1.28 million-unit rate, the highest since August 2007.

Although home construction has been choppy since the recession, groundbreaking on new homes surged more than 20 percent in April to the best pace since November 2007, signaling steady progress.

Even though housing starts fell somewhat in May, that was expected given the very strong April, said Stuart Hoffman, chief economist at PNC Financial Services Group. “Starts are still trending higher, and combined with the big jump in permits in May points to further gains in homebuilding over the next few months,” Hoffman said in a research note Tuesday. 

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Dow remains in the red for the year amid Greece concerns; UTX falls 2% – CNBC

U.S. stocks pared losses on Monday after opening sharply lower, following a decline in European equities on the collapse of weekend talks between Greece and its creditors. (Tweet This )

“Right now the key driver in the U.S. and international markets seems the breakdown in the Greece negotiations,” said Art Hogan, chief market strategist at Wunderlich Securities.

The Nasdaq Composite traded about 0.5 percent lower after falling more than 1 percent in the open as the iShares Nasdaq Biotechnology ETF (IBB) declined and Apple traded about 0.40 percent lower.

The Dow Jones industrial average fell back into the red for 2015. The index traded about 100 points lower after earlier falling nearly 200 points, with United Technologies leading almost all blue chips lower. Information technology was among the greatest decliners in the S&P 500 as all 10 sectors fell.

United Technologies said on Monday it will either spin off or sell its Sikorsky Aircraft division, which makes Black Hawk helicopters for the U.S. military. Earlier in the month the unit said it would cut 1,400 jobs and consolidate facilities on reduced demand from international military orders and energy companies, a primary non-defense customer.

Read MoreGreece on ‘brink of disaster,’ calls emergency meeting

The German DAX closed 1.89 percent lower, while the Greek ATHEX Composite briefly fell more than 5 percent as regional bank stocks sold off. Greek 10-year bond yields gained about 4 percent after earlier spiking more than 7 percent.

Athens and its creditors failed to come to a deal over the weekend because Athens did not accept demands for deeper reforms of pensions, value-added tax (VAT) and of its administration, labor markets and industry, Reuters said. The European Commission said on Monday that Greece’s creditors have made substantial concessions, and Germany’s EU commissioner said the time had come to prepare for a “state of emergency”.

European Central Bank President Mario Draghi also said on Monday that the ECB would continue approving emergency funding for Greek banks as long as they have enough cash and collateral to operate. He added “the ball lies squarely in the camp of the Greek government to take the necessary steps.”

Last week, the International Monetary Fund said “major differences” remained and its team left Brussels, where negotiations were held.

“There’s just a lot of uncertainty we just don’t know how markets would play out were Greece to default,” said Ben Garber, capital markets economist at Moody’s Analytics. “It’s best to trade cautiously.”

He said the bond market indicated some flight to safety on Greece and disappointing U.S. industrial production data.

Treasury yields recovered slightly in late morning trade, with the U.S. 10-year Treasury yield near 2.36 percent after hitting a low of 2.31 percent and the 2-year yield near 0.70 percent. The German 10-year bund yield gained to 0.82 percent after earlier dipping below 0.80 percent.

Outside of developments in the Greece debt talks, the key event for the week is the Federal Open Market Committee’s two-day meeting, which begins on Tuesday and concludes Wednesday afternoon with a statement and press conference. Investors will scrutinize the release for indications on the timing of a short-term interest rate hike, for which consensus is September.

Read MoreFed moves closer to policy change in week ahead

Expectations for a September liftoff most likely mean Fed chair Janet “Yellen’s press conference will be more hawkish than usual,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “That’s going to weigh.”

He said with fears of higher interest rates, uncertainty over Greece and quarterly options expiration on Friday, stocks should be volatile this week. Cardillo continues to watch 2,070 on the S&P 500 for support.

Economic reports on Monday were mixed. However, the second-tier data follows recent improvement in retail sales and the labor market.

Empire manufacturing data showed the weakest level in more than two years as new orders fell, Reuters said. The New York Fed’s Empire State general business conditions index fell from 3.09 in May to negative 1.98 in June, hitting its lowest level since January 2013.

May industrial production unexpectedly fell, dropping 0.2 percent in May.

The National Association of Home Builders (NAHB) housing market index rose more than expected, gaining 5 points in June to the highest since last September.

Read MoreEarly movers: CVS, MU, LOW, BABA, TWTR, RYL & more

No major earnings reports are expected.

Target is in focus after drugstore operator CVS Health said it will acquire the retailer’s U.S. pharmacy and clinics businesses in a $1.9 billion deal.

Cigna spiked more than 17 percent after the health insurance provider rebuffed a takeover approach by larger insurer Anthem, Dow Jones reported.

The Dow Jones Industrial Average traded down 108 points, or 0.60 percent, at 17,790, with United Technologies leading declines with Intel and Walt Disney the only advancers.

The S&P 500 traded down 9 points, or 0.41 percent, at 2,085, with industrials leading all 10 sectors lower.

The Nasdaq traded down 25 points, or 0.51 percent, at 5,025.

About two stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 300 million and a composite volume of 1.4 billion in early afternoon trade.

The U.S. dollar reversed to edge lower against major world currencies, with the euro advancing to $1.1278.

Crude oil futures fell 37 cents to $59.59 a barrel on the New York Mercantile Exchange. Gold futures gained $9.40 to $1,188.60 an ounce as of 12:48 p.m.

On tap this week:

Monday

4 p.m.: TIC data

Tuesday

FOMC begins two-day meeting

8:30 a.m.: Housing starts

Wednesday

2 p.m.: FOMC statement

2:30 p.m.: Fed Chair Janet Yellen press briefing

Thursday

8:30 a.m.: Initial claims

8:30 a.m.: CPI

8:30 a.m.: Current account Q1

10 a.m.: Philadelphia Fed survey

Friday

11:40 a.m.: San Francisco Fed President John Williams on policy

12:45 p.m.: Cleveland Fed President Loretta Mester on community development and the Fed

More From CNBC.com:

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Jack Falvey's Investor Education Briefs: Who was Dow Jones? – The Union Leader

Dow Jones, more commonly known today as “The Dow,” was actually two real live people before they became an icon and stock index. Eventually they ceased to exist as historic newspapermen from Providence, R.I. Their history is interesting, and I commend it to you, but dealing with “The Dow” (The Dow Jones Industrial Average) and its hourly gyrations has become an industry unto itself.

Before you can make personal financial decisions, you should have at least a superficial understanding of how to read the scoreboard.

Did you ever take someone to a baseball game who came from a non-baseball region of the planet? It was almost impossible for them to figure out what was going on in spite of a running commentary and rules recitations.

Similarly, “The Dow is up!” “The Dow is down!” is heard in the financial land.

By taking 30 publicly traded stocks and reporting on their cumulative value as they are bought and sold during a trading day, one gets a number (the DJIA). Its movement up or down purports to indicate the short-term economic movement of the national economy! In fact, that is not so, but we live by urban legend and make money or lose money accordingly. Ask anyone the names of the 30 companies in the DJIA. You will get either a blank stare or a partial list. Case closed.

The growth or contraction of our economy is harder to measure than the deadline-sensitive Dow. Quarterly increases or decreases in the gross domestic product are all we have to identify how we are collectively doing. Making personal financial decisions based on the Dow is not a good practice. Making them on the movement of the GDP is a little better, but not much.

Knowing the score halfway through a game won’t tell you which team will be a winner. The score is not meaningless, but know it for what it is. Charles Jones and Edward Dow thought an industrial index published daily might be of value and might make them some money. It did. Go find out how. You will possibly make some money as a result.

Jack Falvey is a frequent contributor to the Union Leader, Barron’s and The Wall Street Journal. Investor Education Briefs are provided courtesy of St. Anselm College. http://www.anselm.edu/investor-education-brief

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Dow remains in the red for the year amid Greece concerns; tech lags – CNBC

U.S. stocks pared losses on Monday after opening sharply lower, following a decline in European equities on the collapse of weekend talks between Greece and its creditors. (Tweet This )

“Right now the key driver in the U.S. and international markets seems the breakdown in the Greece negotiations,” said Art Hogan, chief market strategist at Wunderlich Securities.

The Nasdaq Composite traded about 0.7 percent lower after falling more than 1 percent in the open as the iShares Nasdaq Biotechnology ETF (IBB) declined and Apple traded about half a percent lower.

The Dow Jones industrial average fell back into the red for 2015. The index traded about 130 points lower after earlier falling nearly 200 points, with United Technologies leading nearly all blue chips lower. Information technology led declines across all 10 S&P 500 sectors.

Read MoreGreece on ‘brink of disaster,’ calls emergency meeting

The German DAX declined about 2 percent, while the Greek ATHEX Composite briefly fell more than 5 percent as regional bank stocks sold off. Greek 10-year bond yields spiked more than 7 percent.

Athens and its creditors failed to come to a deal over the weekend because Athens did not accept demands for deeper reforms of pensions, value-added tax (VAT) and of its administration, labor markets and industry, Reuters said. The European Commission said on Monday that Greece’s creditors have made substantial concessions in talks on new funding in exchange for reforms.

European Central Bank President Mario Draghi also said on Monday that the ECB would continue approving emergency funding for Greek banks as long as they have enough cash and collateral to operate. He added “the ball lies squarely in the camp of the Greek government to take the necessary steps.”

Last week, the International Monetary Fund said “major differences” remained and its team left Brussels, where negotiations were held.

“There’s just a lot of uncertainty we just don’t know how markets would play out were Greece to default,” said Ben Garber, capital markets economist at Moody’s Analytics. “It’s best to trade cautiously.”

He said the bond market indicated some flight to safety on Greece and disappointing U.S. industrial production data.

Treasury yields recovered slightly in late morning trade, with the U.S. 10-year Treasury yield near 2.36 percent after hitting a low of 2.31 percent and the 2-year yield near 0.70 percent. The German 10-year bund yield gained to 0.83 percent after earlier dipping below 0.80 percent.

Outside of developments in the Greece debt talks, the key event for the week is the Federal Open Market Committee’s two-day meeting, which begins on Tuesday and concludes Wednesday afternoon with a statement and press conference. Investors will scrutinize the release for indications on the timing of a short-term interest rate hike, for which consensus is September.

Read MoreFed moves closer to policy change in week ahead

Expectations for a September liftoff most likely mean Fed chair Janet “Yellen’s press conference will be more hawkish than usual,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “That’s going to weigh.”

He said with fears of higher interest rates, uncertainty over Greece and quarterly options expiration on Friday, stocks should be volatile this week. Cardillo continues to watch 2,070 on the S&P 500 for support.

Economic reports on Monday were mixed. However, the second-tier data follows recent improvement in retail sales and the labor market.

Empire manufacturing data showed the weakest level in more than two years as new orders fell, Reuters said. The New York Fed’s Empire State general business conditions index fell from 3.09 in May to -1.98 in June, hitting its lowest level since January 2013.

May industrial production unexpectedly fell, dropping 0.2 percent in May.

The National Association of Home Builders (NAHB) housing market index rose more than expected, gaining 5 points in June to the highest since last September.

Read MoreEarly movers: CVS, MU, LOW, BABA, TWTR, RYL & more

No major earnings reports are expected.

Target is in focus after drugstore operator CVS Health said it will acquire the retailer’s U.S. pharmacy and clinics businesses in a $1.9 billion deal.

Cigna spiked more than 17 percent after the health insurance provider rebuffed a takeover approach by larger insurer Anthem, Dow Jones reported.

The Dow Jones Industrial Average traded down 126 points, or 0.70 percent, at 17,772, with United Technologies leading declines with Intel the only advancer.

The S&P 500 traded down 12 points, or 0.56 percent, at 2,082, with information technology leading eight sectors lower and utilities and energy the only gainers.

The Nasdaq traded down 34 points, or 0.70 percent, at 5,017.

About two stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 233 million and a composite volume of nearly 1.1 billion in late morning trade.

The U.S. dollar edged higher against major world currencies, with the euro holding above $1.12.

Crude oil futures fell 47 cents to $59.49 a barrel on the New York Mercantile Exchange. Gold futures gained $1.40 to $1,180.60 an ounce as of 11:34 a.m.

On tap this week:

Monday

4 p.m.: TIC data

Tuesday

FOMC begins two-day meeting

8:30 a.m.: Housing starts

Wednesday

2 p.m.: FOMC statement

2:30 p.m.: Fed Chair Janet Yellen press briefing

Thursday

8:30 a.m.: Initial claims

8:30 a.m.: CPI

8:30 a.m.: Current account Q1

10 a.m.: Philadelphia Fed survey

Friday

11:40 a.m.: San Francisco Fed President John Williams on policy

12:45 p.m.: Cleveland Fed President Loretta Mester on community development and the Fed

More From CNBC.com:

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Jack Falvey's Investor Education Briefs: Who was Dow Jones? – The Union Leader

Dow Jones, more commonly known today as “The Dow,” was actually two real live people before they became an icon and stock index. Eventually they ceased to exist as historic newspapermen from Providence, R.I. Their history is interesting, and I commend it to you, but dealing with “The Dow” (The Dow Jones Industrial Average) and its hourly gyrations has become an industry unto itself.

Before you can make personal financial decisions, you should have at least a superficial understanding of how to read the scoreboard.

Did you ever take someone to a baseball game who came from a non-baseball region of the planet? It was almost impossible for them to figure out what was going on in spite of a running commentary and rules recitations.

Similarly, “The Dow is up!” “The Dow is down!” is heard in the financial land.

By taking 30 publicly traded stocks and reporting on their cumulative value as they are bought and sold during a trading day, one gets a number (the DJIA). Its movement up or down purports to indicate the short-term economic movement of the national economy! In fact, that is not so, but we live by urban legend and make money or lose money accordingly. Ask anyone the names of the 30 companies in the DJIA. You will get either a blank stare or a partial list. Case closed.

The growth or contraction of our economy is harder to measure than the deadline-sensitive Dow. Quarterly increases or decreases in the gross domestic product are all we have to identify how we are collectively doing. Making personal financial decisions based on the Dow is not a good practice. Making them on the movement of the GDP is a little better, but not much.

Knowing the score halfway through a game won’t tell you which team will be a winner. The score is not meaningless, but know it for what it is. Charles Jones and Edward Dow thought an industrial index published daily might be of value and might make them some money. It did. Go find out how. You will possibly make some money as a result.

Jack Falvey is a frequent contributor to the Union Leader, Barron’s and The Wall Street Journal. Investor Education Briefs are provided courtesy of St. Anselm College. http://www.anselm.edu/investor-education-brief

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Wall Street's Week Ahead: Dow Jones Industrial Average Plunges 200 Points On … – International Business Times

U.S. stocks traded sharply lower Monday morning, with the Dow Jones Industrial Average plunging nearly 200 points, after the debt negotiations between Greece and its creditors stalled again over the weekend. Meanwhile, investors await this week’s statement from the Federal Reserve, looking for further clues as to when the U.S. central bank will lift interest rates.

All 10 sectors in the S&P 500 traded lower, led by declines in healthcare, energy and utilities.

The Dow Jones Industrial Average (INDEXDJX:.DJI) tumbled 192.34 points, or 0.95 percent, to 17,698.42. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) fell 17.95 points, or 0.86 percent, to 2,075.99. The Nasdaq composite (INDEXSP:.INX) lost 54.43 points, or 1.08 percent, to 4,996.72.

The Athens stock exchange tumbled more than 6 percent Monday as talks in Brussels between Greece and its creditors collapsed once again, reviving fears that Greece will default on its debt obligations, risking an exit from the eurozone. The bond markets across the eurozone sold off on concerns that Greece’s debt crisis will spread to Spain, Italy and Portugal. The gap in 10-year yields between Spanish and German debt touched its widest point since August 2014.

Greek Prime Minister Alexis Tsipras is scheduled to meet with German Chancellor Angela Merkel and other eurozone leaders at a Brussels summit on June 25, with time running out as Greece must repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund on June 30.

European Central Bank President Mario Draghi will give a quarterly update to the European Parliament Monday, three months after beginning a 1 trillion euro ($1.1 trillion) stimulus program to revitalize the economy, with expectations to end it in September 2016. Draghi is likely to face questions regarding the sharp drop in global bond prices this month, after recently announcing the financial markets should get used to period of higher volatility.

Economists are looking ahead to the U.S. Federal Reserve’s two-day policy meeting, which kicks off Tuesday, followed by a statement from the Federal Open Market Committee at 2 p.m. EDT Wednesday. The Fed has signaled recently that it could begin returning interest rates to normal levels sometime this year.

The Fed has held rates at historic lows since the financial crisis in 2008 to help the economy emerge from the recession.

Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. Wednesday following that statement, and investors will look for clues to the timing of the Fed’s rate hike, which most economists anticipate will happen in late summer, or early fall.

“I don’t expect any surprises out of the meeting,” said Tim Dreiling, senior portfolio manager at the Private Client Reserve at U.S. Bank. “We’re still expecting the first rate hike to come in September.”

Dow component United Technologies Corporation (NYSE:UTX) led the index lower Monday, falling more than 2.5 percent after announcing plans to exit its Sikorsky helicopter business. 

Software giant Microsoft Corporation (NASDAQ:MSFT) also weighed on the blue-chip index, losing nearly 2 percent. 

Firbit Inc., a health and fitness consumer electronics device maker, is expected to price its initial public offering Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol “FIT.” The company is forecast to offer 29.9 million shares in the price range of $14 and $16 per share.

Here’s the economic calendar for the week of June 15. All listed times are EDT.

Monday

  • 8:30 a.m. — Empire state index (June)
  • 9:15 a.m. — Industrial production (May)
  • 9:15 a.m. — Capacity utilization (May)
  • 10 a.m. — NAHB home builders’ index (June)

Non U.S.:

  • Europe — Speech from European Central Bank President Draghi’s

Tuesday

  • 8:30 a.m. — Housing starts (May)
  • 8:30 a.m. — Building permits (May)

Wednesday

  • 2 p.m. — FOMC announcement
  • 2:30 p.m. — Janet Yellen press conference

Thursday

  • 8:30 a.m. — Weekly jobless claims
  • 8:30 a.m. — Consumer price index (May)
  • 8:30 a.m. — Current account deficit (Q1)
  • 10 a.m. — Philly Fed (June)
  • 10 a.m. — Leading indicators (May)

Non U.S.:

  • Switzerland — Swiss National Bank Interest Rate Decision

Friday

No major U.S. economic data scheduled.

  • Non U.S.:
  • Japan – Bank of Japan Monetary Policy Statement

Jessica Menton is a writer who covers business and the financial markets. News tips? Email me here. Follow me on Twitter @JessicaMenton.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Wall Street's Week Ahead: Dow Jones Industrial Average Plunges 200 Points On … – International Business Times

U.S. stocks traded sharply lower Monday morning, with the Dow Jones Industrial Average plunging nearly 200 points, after the debt negotiations between Greece and its creditors stalled again over the weekend. Meanwhile, investors await this week’s statement from the Federal Reserve, looking for further clues as to when the U.S. central bank will lift interest rates.

All 10 sectors in the S&P 500 traded lower, led by declines in healthcare, energy and utilities.

The Dow Jones Industrial Average (INDEXDJX:.DJI) tumbled 192.34 points, or 0.95 percent, to 17,698.42. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) fell 17.95 points, or 0.86 percent, to 2,075.99. The Nasdaq composite (INDEXSP:.INX) lost 54.43 points, or 1.08 percent, to 4,996.72.

The Athens stock exchange tumbled more than 6 percent Monday as talks in Brussels between Greece and its creditors collapsed once again, reviving fears that Greece will default on its debt obligations, risking an exit from the eurozone. The bond markets across the eurozone sold off on concerns that Greece’s debt crisis will spread to Spain, Italy and Portugal. The gap in 10-year yields between Spanish and German debt touched its widest point since August 2014.

Greek Prime Minister Alexis Tsipras is scheduled to meet with German Chancellor Angela Merkel and other eurozone leaders at a Brussels summit on June 25, with time running out as Greece must repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund on June 30.

European Central Bank President Mario Draghi will give a quarterly update to the European Parliament Monday, three months after beginning a 1 trillion euro ($1.1 trillion) stimulus program to revitalize the economy, with expectations to end it in September 2016. Draghi is likely to face questions regarding the sharp drop in global bond prices this month, after recently announcing the financial markets should get used to period of higher volatility.

Economists are looking ahead to the U.S. Federal Reserve’s two-day policy meeting, which kicks off Tuesday, followed by a statement from the Federal Open Market Committee at 2 p.m. EDT Wednesday. The Fed has signaled recently that it could begin returning interest rates to normal levels sometime this year.

The Fed has held rates at historic lows since the financial crisis in 2008 to help the economy emerge from the recession.

Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. Wednesday following that statement, and investors will look for clues to the timing of the Fed’s rate hike, which most economists anticipate will happen in late summer, or early fall.

“I don’t expect any surprises out of the meeting,” said Tim Dreiling, senior portfolio manager at the Private Client Reserve at U.S. Bank. “We’re still expecting the first rate hike to come in September.”

Dow component United Technologies Corporation (NYSE:UTX) led the index lower Monday, falling more than 2.5 percent after announcing plans to exit its Sikorsky helicopter business. 

Software giant Microsoft Corporation (NASDAQ:MSFT) also weighed on the blue-chip index, losing nearly 2 percent. 

Fitbit Inc., a health and fitness consumer electronics device maker, is expected to price its initial public offering Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol “FIT.” The company is forecast to offer 29.9 million shares in the price range of $14 and $16 per share.

Here’s the economic calendar for the week of June 15. All listed times are EDT.

Monday

  • 8:30 a.m. — Empire state index (June)
  • 9:15 a.m. — Industrial production (May)
  • 9:15 a.m. — Capacity utilization (May)
  • 10 a.m. — NAHB home builders’ index (June)

Non U.S.:

  • Europe — Speech from European Central Bank President Draghi’s

Tuesday

  • 8:30 a.m. — Housing starts (May)
  • 8:30 a.m. — Building permits (May)

Wednesday

  • 2 p.m. — FOMC announcement
  • 2:30 p.m. — Janet Yellen press conference

Thursday

  • 8:30 a.m. — Weekly jobless claims
  • 8:30 a.m. — Consumer price index (May)
  • 8:30 a.m. — Current account deficit (Q1)
  • 10 a.m. — Philly Fed (June)
  • 10 a.m. — Leading indicators (May)

Non U.S.:

  • Switzerland — Swiss National Bank Interest Rate Decision

Friday

No major U.S. economic data scheduled.

  • Non U.S.:
  • Japan – Bank of Japan Monetary Policy Statement

Jessica Menton is a writer who covers business and the financial markets. News tips? Email me here. Follow me on Twitter @JessicaMenton.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Jack Falvey's Investor Education Briefs: Who was Dow Jones? – The Union Leader

Dow Jones, more commonly known today as “The Dow,” was actually two real live people before they became an icon and stock index. Eventually they ceased to exist as historic newspapermen from Providence, R.I. Their history is interesting, and I commend it to you, but dealing with “The Dow” (The Dow Jones Industrial Average) and its hourly gyrations has become an industry unto itself.

Before you can make personal financial decisions, you should have at least a superficial understanding of how to read the scoreboard.

Did you ever take someone to a baseball game who came from a non-baseball region of the planet? It was almost impossible for them to figure out what was going on in spite of a running commentary and rules recitations.

Similarly, “The Dow is up!” “The Dow is down!” is heard in the financial land.

By taking 30 publicly traded stocks and reporting on their cumulative value as they are bought and sold during a trading day, one gets a number (the DJIA). Its movement up or down purports to indicate the short-term economic movement of the national economy! In fact, that is not so, but we live by urban legend and make money or lose money accordingly. Ask anyone the names of the 30 companies in the DJIA. You will get either a blank stare or a partial list. Case closed.

The growth or contraction of our economy is harder to measure than the deadline-sensitive Dow. Quarterly increases or decreases in the gross domestic product are all we have to identify how we are collectively doing. Making personal financial decisions based on the Dow is not a good practice. Making them on the movement of the GDP is a little better, but not much.

Knowing the score halfway through a game won’t tell you which team will be a winner. The score is not meaningless, but know it for what it is. Charles Jones and Edward Dow thought an industrial index published daily might be of value and might make them some money. It did. Go find out how. You will possibly make some money as a result.

Jack Falvey is a frequent contributor to the Union Leader, Barron’s and The Wall Street Journal. Investor Education Briefs are provided courtesy of St. Anselm College. http://www.anselm.edu/investor-education-brief

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Dow falls 150 points into the red for the year as Greece weighs; tech lags – CNBC

U.S. stocks traded about 1 percent lower on Monday, following a decline in European equities on the collapse of weekend talks between Greece and its creditors. (Tweet This )

“Right now the key driver in the U.S. and international markets seems the breakdown in the Greece negotiations,” said Art Hogan, chief market strategist at Wunderlich Securities.

The Nasdaq Composite lost more than 1 percent in the open as the iShares Nasdaq Biotechnology ETF (IBB) fell more than 1 percent and Apple declined 0.7 percent.

The Dow Jones industrial average fell back into the red for 2015. The index traded about 160 points lower after earlier falling nearly 200 points, with United Technologies leading nearly all blue chips lower. Information technology led declines across all 10 S&P 500 sectors.

Read MoreGreece on ‘brink of disaster,’ calls emergency meeting

The German DAX declined about 2 percent, while the Greek ATHEX Composite briefly fell more than 5 percent as regional bank stocks sold off. Greek 10-year bond yields spiked more than 7 percent.

Athens and its creditors failed to come to a deal over the weekend, with European officials blaming Greece for failing to offer concessions in return for a final tranche of desperately-needed financial aid. Last week, the International Monetary Fund said “major differences” remained and its team left Brussels, where negotiations were held.

European Central Bank President Mario Draghi said on Monday that the ECB would continue approving emergency funding for Greek banks as long as they have enough cash and collateral to operate. He added “the ball lies squarely in the camp of the Greek government to take the necessary steps.”

Outside of developments in the Greece debt talks, the key event for the week is the Federal Open Market Committee’s two-day meeting, which begins on Tuesday and concludes Wednesday afternoon with a statement and press conference. Investors will scrutinize the release for indications on the timing of a short-term interest rate hike, for which consensus is September.

Read MoreFed moves closer to policy change in week ahead

Expectations for a September liftoff most likely mean Fed chair Janet “Yellen’s press conference will be more hawkish than usual,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “That’s going to weigh.”

He said with fears of higher interest rates, uncertainty over Greece and quarterly options expiration on Friday, stocks should be volatile this week. Cardillo continues to watch 2,070 on the S&P 500 for support.

Economic reports on Monday mostly missed expectations. However, the second-tier data follows recent improvement in retail sales and the labor market.

Empire manufacturing data showed the weakest level in more than two years as new orders fell, Reuters said. The New York Fed’s Empire State general business conditions index fell from 3.09 in May to -1.98 in June, hitting its lowest level since January 2013.

Treasury yields fell, with the U.S. 10-year Treasury yield hitting a low of 2.31 percent and the 2-year yield holding below 0.70 percent. The German 10-year bund yield fell below 0.80 percent.

May industrial production unexpectedly fell, dropping 0.2 percent in May.

The National Association of Home Builders (NAHB) housing market index rose more than expected, gaining 5 points in June to the highest since last September.

Read MoreEarly movers: CVS, MU, LOW, BABA, TWTR, RYL & more

No major earnings reports are expected.

Target is in focus after drugstore operator CVS Health said it will acquire the retailer’s U.S. pharmacy and clinics businesses in a $1.9 billion deal.

The Dow Jones Industrial Average traded down 160 points, or 0.90 percent, at 17,739, with United Technologies leading declines with only Intel advancing.

The S&P 500 traded down 15 points, or 0.74 percent, at 2,078, with information technology leading all 10 sectors lower.

The Nasdaq traded down 45 points, or 0.90 percent, at 5,005.

About three stocks declined for every advancer on the New York Stock Exchange, with a composite volume of 171 million and a composite volume of 741 million in mid-morning trade.

The U.S. dollar edged higher against major world currencies, with the euro just above $1.12.

Crude oil futures fell 60 cents to $59.35 a barrel on the New York Mercantile Exchange. Gold futures gained $3.10 to $1,182.40 an ounce in morning trade.

On tap this week:

Monday

4 p.m.: TIC data

Tuesday

FOMC begins two-day meeting

8:30 a.m.: Housing starts

Wednesday

2 p.m.: FOMC statement

2:30 p.m.: Fed Chair Janet Yellen press briefing

Thursday

8:30 a.m.: Initial claims

8:30 a.m.: CPI

8:30 a.m.: Current account Q1

10 a.m.: Philadelphia Fed survey

Friday

11:40 a.m.: San Francisco Fed President John Williams on policy

12:45 p.m.: Cleveland Fed President Loretta Mester on community development and the Fed

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