NEW YORK (Reuters) – Stocks closed flat in another thinly traded session on Wednesday as Greece remained in a standstill over accepting tough reforms in exchange for a bailout critical to avoiding a chaotic default.
Underlying confidence kept the Dow near an almost four-year high notched on Tuesday, though trading has been quiet since last week’s stellar employment report. The SP and Nasdaq are both up 0.3 percent so far this week while the Dow is essentially unchanged.
Randy Frederick, director of trading for Charles Schwab in Austin, Texas, said he would use any pullback on Greece as a buying opportunity. “And if the situation there gets resolved, we’ll move higher even faster.”
Greek party leaders gathered on Wednesday to agree to reforms demanded by the European Union and the International Monetary Fund after delays.
European Central Bank policymakers were still divided on what contribution the bank could make to a restructuring of Greece’s sovereign debt, sources said. The ECB has ruled out joining private creditors in voluntarily accepting a reduction in the value of the Greek bonds it holds.
“We would take a hit if Greece is unable to come to a deal, but lately we’ve been decoupling from Europe as markets catch up
Read More from the Article Source: Full Article
