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U.S. Stock Futures Fall as Greek Optimism Fades
NASDAQ.com ^ | 6/18/2012 | Tomi Kilgore, Dow Jones Newswires

Posted on 06/18/2012 5:48:51 AM PDT by Qbert

NEW YORK--U.S. stock futures fell Monday, erasing earlier gains, as initial relief over the pro-austerity party's narrow victory in Greece's elections gave way to increasing worries about Spain.

Dow Jones Industrial Average futures declined 52 points, or 0.4%, to 12658, erasing earlier gains of as much as 92 points.

Standard & Poor's 500-stock index futures lost 5 points, or 0.4%, to 1332 and Nasdaq 100 futures slipped 3 points, or 0.1%, to 2561. Changes in stock futures don't always accurately predict stock moves after the opening bell.

On the economic calendar, the housing market index for June is due out at 10 a.m. EDT, with economists surveyed by Dow Jones Newswires expecting a decline to 28 from 29 in May.

European markets were mostly up but well off earlier highs, as the New Democracy party's slim victory in Greece and Spain's brewing crisis sapped the initial excitement over the Greek elections. The Stoxx Europe 600 was up 0.2%, but was trading up 1% soon after the open.

Although New Democracy's victory assures that Greece will stay in the euro for now, there was some worry about the party's ability to form a viable coalition.

Separately, the yield on 10-year Spanish bonds rose above 7% and IBEX-35 stock index slumped 1.6%, as investors worried that Spain would soon need a bailout of its own, after the country's banking sector already received a bailout offer from European partners.

(Excerpt) Read more at nasdaq.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: euro; greece; markets; spain

1 posted on 06/18/2012 5:48:59 AM PDT by Qbert
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To: Qbert
What Greek optimism!!
2 posted on 06/18/2012 5:50:33 AM PDT by ontap
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To: ontap

SUPPER?


3 posted on 06/18/2012 5:53:55 AM PDT by Dr. Ursus
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To: Qbert

The French also elected a socialist government

I’m sure that’s going to really boost the market


4 posted on 06/18/2012 5:56:22 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Qbert

The sad truth is that the Greeks are non productive, have squandered immense capital with three generations of deficit spending to maintain a faux life style. That lifestyle can only be maintained with German financed bailouts or charity. Greece is only the opening act. Now comes Spain, then Italy and finally France. The German economy is weakening from these bailouts which squanders more capital. The Germans simply do not have the wealth to save bankrupt Europe. Things will get ugly. The US is not in much better shape.


5 posted on 06/18/2012 6:04:57 AM PDT by allendale
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To: Qbert

It’s all Greek to me.

They sell olive oil, olives and tourism(the latter is probably dying a slow death).

The Greeks have had it...one way or the other.

-Rex


6 posted on 06/18/2012 6:29:15 AM PDT by RexBeach (Mr. Obama Can't Count.)
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To: allendale
Germany really needs to read a Dr Seuss book... "Thidwick the Big-hearted Moose"

Basically the Moose gives more and more of himself, and more and more moochers nest in his antlers, get him to perform for them, etc... all until he can do no more, and the hunters arrive for his head for their wall.

(He then sheds them all, escapes across the river, and the moochers are left to the hunters wall.)

7 posted on 06/18/2012 6:35:08 AM PDT by Teacher317 ('Tis time to fear when tyrants seem to kiss.)
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To: Qbert

If playing political musical chairs makes them feel good let them do it because it changes nothing in regards to their financial situation.

The PIIGS are toast and so is the Euro.


8 posted on 06/18/2012 6:41:44 AM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: Qbert

As long as oil keeps going down, I’m happy, and that’s my selfish take on the stock market these days. Up two hundred today, and down two hundred tomorrow, all the while there are no jobs, no growth, just tax dollars easing the risk, covering for bad decisions, and helping to create more debt based wealth in an ever diminishing circle. Europe is going to come apart, but good news today, bad news tomorrow, keeps the little monkeys on Wall Street scrambling. ...The right tax and pro business policies could create trust in the dollar again, bring businesses back to America as China loses them, and we could quit this game of weeping over the EU, but Obama fiddles with himself.


9 posted on 06/18/2012 6:56:02 AM PDT by pallis
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To: ontap

Winning a narrow election victory is one thing.
Putting together a ruling coalition under the Parliamentary System is something else again. Better than even money that they fail, especially once the riots start up again.


10 posted on 06/18/2012 7:12:10 AM PDT by Buckeye McFrog
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To: Qbert
“U.S. stock futures fell Monday, erasing earlier gains, as initial relief over the pro-austerity party's narrow victory in Greece's ...”

Of course the stock futures are going to fall. And they will continue to be weak until there is a plan under active execution.

Some people in the stock market have finally figured out that none of the previous “plans” to solve Greece’s financial disaster are worth the paper they are printed on because they were never followed through with polices being followed.

Finally a degree of rationality has broken out.

Now, if the same logic would be applied to the American markets......

11 posted on 06/18/2012 7:24:01 AM PDT by Nip (TANSTAAFL and BOHICA)
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To: pallis
American Liberals are married to their globalist agenda, which is an insurmountable obstacle to everything that is good and positive for Americans and for America!
12 posted on 06/18/2012 7:31:03 AM PDT by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: allendale
The Greeks have a Rendezvous with destiny. Nothing is gained and everything gets worse the longer it is put off. We have financial institutions who have profited off this Ponzi scheme and the day of reckoning has arrived. Whoever made the bad bet will lose a lot of money and possibly go bankrupt. The cure will hurt a lot of us but it has to be taken.
13 posted on 06/18/2012 7:31:13 AM PDT by ontap
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To: Teacher317

Seems to me that if the Germans are going to have to support Continental Europe, they ought to be allowed to take it over and own it again.


14 posted on 06/18/2012 7:32:31 AM PDT by CaribCarter
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To: allendale
Well put.

I found it ironic Obama was begging the Greeks to elect a conservative government so Greece would not default on it's debt and throw the world into financial chaos. All the while he is surpassing Greece in piling up toxic debt the US can never repay.

15 posted on 06/18/2012 7:37:41 AM PDT by Gabrial (The nightmare will continue as long as the nightmare is in the White House)
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To: Qbert; SierraWasp; Liz; stephenjohnbanker; BOBTHENAILER; ASA Vet; BIGLOOK; Ernest_at_the_Beach

When the drunken soccer party Greeks sober up, there will probably be serious riots in the streets when the new party tries to bring reality to the Greeks.

Two things happened to help the “win” in the election.

1. Greece beats Russia 1-0 to earn quarterfinal spot.

2. So the entitled party soccer goons across the Greece party until the next morning and beyond.

In this election, they had to go to where they were born to vote. The hungover Greek entitled party boys/girls apparently didn’t want to drive to vote.

When the new government tries to get these entitled bozos to give up their entitlements, Greece will look like Watts did decades ago.

Then, the new government will ask Germany, the UK and Uncle Sam to support their entitled life style.

We can kiss the Euro Trash nations good bye as their sense of entitlement increases and their growing population of Islamofacists grows every day.


16 posted on 06/18/2012 7:39:31 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: CaribCarter

That always works out so well. It is certainly about time for Germany to start another world war.


17 posted on 06/18/2012 7:39:31 AM PDT by wolfman23601
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To: Gabrial

It makes me flinch when Obama gets involved in telling Europe what to do about debt and spending. He has no real humility and shame if he can’t see how stupid he looks for doing that on the world stage after what he’s done to our debt.


18 posted on 06/18/2012 8:13:01 AM PDT by SaraJohnson
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To: RexBeach
They sell olive oil, olives and tourism(the latter is probably dying a slow death).

Sounds like Egypt. The Egyptians can shove those sphinxes up their sphinxters.
19 posted on 06/18/2012 8:19:49 AM PDT by crosshairs
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To: SaraJohnson
Agreed.

Obama relies on people being stupid. He has seen plenty of it. Like when people clap for him saying we need a domestic security force just as large and as well funded as the military, or that he will control the level of the oceans.

Most people are not as dense and unworldly as the crowds he organized on the South Side of Chicago.

20 posted on 06/18/2012 8:45:48 AM PDT by Gabrial (The nightmare will continue as long as the nightmare is in the White House)
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To: Qbert
Separately, the yield on 10-year Spanish bonds rose above 7% and IBEX-35 stock index slumped 1.6%, as investors worried that Spain would soon need a bailout of its own.

The line forms on the left (no pun intended).

21 posted on 06/18/2012 12:19:53 PM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: Grampa Dave

You still have a “Hall of Fame” caliber tagline!!!


22 posted on 06/18/2012 2:26:57 PM PDT by SierraWasp ("GovernMental austerity first, THEN conservative prosperity!!! Austerity breeds properity!!!)
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