MARKETS AT A GLANCE
LAST CHANGE % CHG
DJIA 17904.48 113.31 0.64%
Nasdaq 5055.55 25.58 0.51%
S&P 500 2096.29 11.86 0.57%
Japan: Nikkei 225 20257.94 -129.85 -0.64%
Hang Seng 26566.7 -295.11 -1.10%
Shanghai Composite 4887.43 -175.56 -3.47%
S&P BSE Sensex 26686.51 99.96 0.38%
Australia: S&P/ASX 5535.8 -3 -0.05%
UK: FTSE 100 6710.1 -0.42 -0.01%
PRICE CHG YIELD
U.S. 2 Year 1/32 0.69
U.S. 5 Year 6/32 1.663
U.S. 10 Year 13/32 2.31
Australia 10 Year -1/32 3.018
China 10 Year 13/32 3.66
India 10 Year 3/32 8.073
Japan 10 Year 2/32 0.502
German 10 Year 7/32 0.801
LAST(MID) CHANGE
Australia $ (AUD/USD) 0.7754 -0.0012
Yen (USD/JPY) 123.36 -0.06
S. Korean Won (USD/KRW) 1118.79 2.17
Chinese Yuan (USD/CNY) 6.2093 0.0007
Euro (EUR/USD) 1.1249 -0.0035
WSJ Dollar Index 86.23 0.02
LAST CHANGE % CHG
Crude Oil 60.05 0.53 0.89%
Brent Crude 64.51 -0.15 -0.23%
Gold 1181.5 -4.3 -0.36%
(Data as of approximately 5 p.m. ET)
SNAPSHOT:
U.S. stocks rose Tuesday as investors awaited the outcome of the Federal Reserve's policy meeting. Persistent worries over Greece boosted demand for ultrasafe U.S. government bonds. Oil climbed on strong demand. Gold fell as the dollar ticked higher.
OPENING CALL:
On Wednesday, Japan will release its provisional trade statistics for May. Japan recorded a trade deficit of 53.44 billion yen in April after posting a revised Yen227.4 billion surplus in March, the first trade surplus since June 2012. It is forecast to register a deficit of Yen344.5 billion for May.
EQUITIES
U.S. stocks rose, rebounding from two days of losses, as investors awaited news on Greece's bailout talks and the outcome of the Federal Reserve's policy meeting.
The Dow Jones Industrial Average gained 113.31 points, or 0.64%, to 17904.48. The S&P 500 index rose 11.86 points, or 0.57%, to 2096.29, and the Nasdaq Composite Index added 25.58 points, or 0.51%, to 5055.55.
All of the S&P 500's sectors finished higher, led by a 1.05% gain in consumer-staples stocks.
Traders said there was no single piece of news driving stocks higher.
"There is nothing particularly new frankly," said John Jares, senior portfolio manager in equity investments for USAA. "On days like today, the thing that's going on is more noise than anything," he added.
In corporate news, Gap shares rose 1.4% after the company said it planned to close 175 North American stores.
Stocks in Asia mostly fell Tuesday, with China succumbing to another bout of volatility, as pressure from a wave of new initial public offerings spurred investors to sell down stakes in existing shares.
FOREX:
The dollar edged higher against rivals as investors made few large moves while the Federal Reserve's policy-making committee met.
The Wall Street Journal Dollar Index, which tracks the dollar's value against a basket of 16 widely traded currencies, increased 0.1% to 86.27. The dollar rose 0.4% against the euro, with one euro buying $1.1242 in late-afternoon trade.
The Federal Open Market Committee is meeting Tuesday and Wednesday to decide its next move. The central bank has kept U.S. interest rates pinned near zero since late 2008 in the hope of spurring an economic recovery. While investors don't expect the Fed to raise rates at this meeting, they are looking for clues about a possible timeline for the shift to higher borrowing costs, which would spur demand for the dollar.
Investors are hoping the Fed meeting will help set a course for the dollar's trajectory over the coming weeks, said Dean Popplewell, chief currency analyst at the retail brokerage Oanda.
The euro failed to recover from selling overnight. During the European session, the euro retreated against the dollar and the yen on investors' heightened concerns about the approaching deadline for Greece's repayments to the International Monetary Fund. Asset managers believe a default by Greece could instigate the country's exit from the eurozone and destabilize the markets.
BONDS:
Persistent worries over Greece boosted demand for ultrasafe U.S. government bonds, sending bond prices higher for a second consecutive session.
A $25 billion sale of four-week Treasury debt drew the strongest demand since September. Demand was so strong that investors accepted a yield of zero, handing the U.S. government free cash in exchange for highly-liquid assets. It was the first time the Treasury paid nothing to sell such short-term securities in more than a month.
Uncertainty over Greece comes as the Federal Reserve starts its two-day monetary policy meeting Tuesday. The Fed is scheduled to release an interest-rate statement at around 2 p.m. Wednesday, followed by a press conference by Fed Chairwoman Janet Yellen.
Investors have become skittish after negotiations between Greece and its international creditors broke down over the weekend, fanning worries that the cash-strapped country may be forced to default on its debt payments in coming weeks. Investors are concerned that this could push Greece to leave the eurozone, known as Grexit, and rattle global markets.
"I don't think anyone knows the extent of the market reaction to the potential fallout and that uncertainty is bringing in the safe haven bid in Treasury bonds," said Larry Milstein, head of government and agency trading at R.W. Pressprich & Co. in New York.
In late-afternoon trading, the yield on the benchmark 10-year Treasury note was 2.315% compared with 2.358% on Monday.
COMMODITIES:
U.S. oil prices climbed on strong demand for crude and the threat of a tropical storm along the Gulf Coast.
Light, sweet crude for July delivery, the U.S. benchmark, gained 45 cents, or 0.8%, to $59.97 a barrel on the New York Mercantile Exchange. The gains snapped a three-session losing streak.
The global Brent contract for August ended down 25 cents, or 4%, at $63.70 a barrel on the ICE Futures Europe exchange. Brent hit a fourth-straight losing session, its longest losing streak since mid-March.
U.S. production may have peaked and the country's refineries are still likely ramping up from historically high levels, giving some hope the market has found a balance. Analysts surveyed by The Wall Street Journal expect the agency to report that crude supplies fell by 1.8 million barrels last week and refineries increased their usage rate by 0.2 percentage point.
The latest weekly inventory data are due from the Energy Information Administration on Wednesday. The American Petroleum Institute, an industry group, said late Tuesday that its own data for the same week showed a 2.9-million-barrel draw in crude-oil supplies, according to sources. The group also said that gasoline supplies fell by 2.9 million barrels, according to sources. API said U.S. distillate stocks were up 1.6 million barrels in the week, according to a source.
"There's an expectation that we're going to see another drawdown in crude oil inventories. There's a sense U.S. production is peaking," said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. "And we're getting a psychological bounce from Tropical Storm Bill."
Gold fell as some investors cut back holdings due to pressure from a stronger dollar and as a precaution ahead of the Federal Reserve's monetary policy decision.
TODAY'S HEADLINES:
Moving Fast-Track Bill Separately Good Option, Senior House GOP Member Says
House Majority Leader Kevin McCarthy (R., Calif.) said that pushing fast-track trade legislation through Congress without attaching a worker's assistance program that dragged down the bill last week would be "a very good option."
Bank of China to Help Set Gold Price
Bank of China has become the first Chinese bank to participate in the London gold price fix, the latest example of the country's push deeper into global financial markets.
Greek Leader Says Talks in Final Stretch
Greek Prime Minister Alexis Tsipras lambasted creditors for their handling of his country's debt crisis, but suggested that a coming summit of European leaders could be the decisive moment in the drawn-out negotiations.
Former AIG Chief Greenberg to Seek Damages in Bailout Case
Former AIG CEO Hank Greenberg said he will appeal a federal judge's decision not to award damages when he found the government overstepped its authority in demanding a big equity stake during its bailout of the insurer.
Amazon Weighs Adding Individual Courier Deliveries
Amazon is developing a mobile application that would pay individuals to drop off packages in an effort to cut down on rising shipping costs.
OPEC 2014 Exports Below $1 Trillion
The value of OPEC members' petroleum exports fell below $1 trillion in 2014 for the first time since 2010, according to its annual report, demonstrating the toll last year's oil-price collapse took on the group.
Apple Revokes Monster's Authority to Make Licensed Accessories
Monster says Apple revoked its authority to make licensed accessories for Apple devices after Monster and its chief executive sued Beats Electronics in January.
U.S. Housing Starts Pull Back, but Permits Point to Pickup
U.S. builders are preparing to ramp up home construction this summer, underscoring Americans' growing demand for housing and potentially propelling the economy to stronger growth.
Palestinian President Announces Government Will Dissolve
Palestinian President Mahmoud Abbas announced the national unity government he formed with Hamas last year will dissolve.
Rupert Murdoch to End Fox CEO Duties July 1
(MORE TO FOLLOW) Dow Jones Newswires
June 16, 2015 17:30 ET (21:30 GMT)
Rupert Murdoch will formally hand the reins of his entertainment empire over to his sons, James and Lachlan, at the end of the month, 21st Century Fox announced.
RECENT DJ EXCLUSIVES:
Hedge Fund Cascabel Management Shutting Down
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Apple Revokes Monster LLC's Authority to Make Licensed Accessories
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Humana Won't Get Lost in Merger Shuffle -- Heard on the Street
TODAY'S CALENDAR
(Times in GMT, followed by country and event)
2245 NZ Q1 Balance of Payments
2245 NZ Q1 International Investment Position
2350 JPN May Provisional Trade Statistics for the Month
0030 AUS Apr Westpac-Melbourne Institute Indexes of Economic Activity
0030 SIN May Merchandise Trade, incl non-oil domestic exports (NODX)
0400 SIN Q2 MAS Survey of Professional Forecasters
0401 MAL May CPI
0600 JPN May Revised Machine Tool Orders
0800 ITA Apr Foreign Trade EU
0830 UK May UK monthly unemployment figures
0830 UK Jun Agents' Summary of Business Conditions
0830 UK Jun Bank of England MPC meeting minutes
0900 EU Apr Construction output
0900 EU May Harmonised CPI
1000 ITA Q1 Labour Cost Index
1100 US 06/12 MBA Weekly Mortgage Applications Survey
1230 CAN Apr Wholesale trade
1430 US 06/12 EIA Weekly Petroleum Status Report
1800 US U.S. interest rate decision, followed by Janet Yellen press briefing
1800 US Federal Reserve economic projections
2305 UK Q2 Bank of England Quarterly Bulletin
(END) Dow Jones Newswires
June 16, 2015 17:30 ET (21:30 GMT)
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