Good evening,
U.S. stocks closed higher Tuesday, with the Dow Jones Industrial Average gaining 0.5%. The S&P 500 was up 0.6% and the Nasdaq Composite Index scraped by with a 0.1% gain. …The U.S. dollar got a nice boost Tuesday as well as Grecian turmoil slammed the euro; the greenback gained 0.4%, its highest closing level since June 1. …China is having a rough week, despite desperate moves to support the plunging market. The Hong Kong Stock Exchange, a major beneficiary of the new Stock Connect system, has seen its share price fall 23% in the last eight days. Stocks aren’t the only thing that’s slumping: commodities are hitting multi-year lows on the mainland.
Greece given five days to conclude a deal in a day running high with emotion. European Commission members appeared stunned that the new Finance Minister, Euclid Tsakalotos, came empty-handed to the meeting of Eurozone officials on Tuesday. EC President Jean-Claude Juncker told the press he opposed a Grexit but that the group had mapped out the event, including humanitarian aid. On Sunday, an unprecedented gathering of all 28 members are slated to convene in Brussels to debate a Greek rescue. Financial Times (paywall)
In the U.S. job openings are growing but quits are steady — and that means less pressure for the Fed to raise rates. The latest JOLTS report signals that the economy is still not robust enough for workers to ramp up the quit rate. Earnings will likely stay steady as long as quit rates are repressed, reports Bespoke Investment Group. The Federal Open Market Committee releases the minutes to its last meeting on Wednesday at 2 p.m. ET.
MF Global settles suit. MF Global officials, including former New Jersey Governor Jon Corzine, will pay $64.5 million in cash to settle an investor lawsuit. Corzine is accused of deceiving investors about the risk of European sovereign debt investments, before the firm when bankrupt in 2011. Wall Street Journal
Twinkies want an IPO. Hostess Brands has turned down sale considerations, instead looking towards an IPO. The snack cake company was pulled out of bankruptcy by Apollo Global Management and C. Dean Metropoulos in 2013. In recent weeks, the company has been valued between $2.4 billion and $2.5 billion, including debt. Reuters
London remembers July 7 victims. Memorial services were held Tuesday for the 10th anniversary of the London terrorist bombings that killed 52 people and left more than 700 injured. BBC
Paula Deen is once again eating crow. The celebrity chef apparently didn’t learn her lesson about racial sensitivity from dropping the “N-word,” and has tweeted a photo of herself with her son dressed in brownface. Deen’s son Bobby was supposed to be dressed as the “I Love Lucy” character Ricky Ricardo. Deen deleted the tweet, but not soon enough. NBC
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