Afternoon Update

A lack of positive catalysts have kept the major equity averages chopping along in negative territory all day. Losses are only modest, though.

Without any economic data or corporate reports of major consequence market participants had little to focus on besides Greece’s ongoing struggle to establish and implement austerity measures, as well as covenants with its creditors. Chatter — nothing official — about a pending agreement has helped lift the euro out of the red to a modest gain against the greenback.

For the most part, stocks have shrugged off the headline; too often in recent weeks have such stories proven to be only rumors.

Although all 10 major sectors started the session in the red, energy stocks have been making a steady march higher. In fact, the sector is now at a session high and sporting a 0.5% gain. Every other sector is either mired in negative territory or stuck near the neutral line.

Market Update