Financial Headline News for Tuesday 6/21

All three financial sectors were up big all day. With 9 more days until QE2 expires, it looks like investors are buying up stocks as the devalued dollar is coming to an end once the program ends on 6/30.

Americans are still rightfully negative on new jobs and house buying.

The financial headlines for today are:

1) U.S. Stocks Rise on Hopes for Greece - From The Wall Street Journal

U.S. stocks rose sharply Tuesday as investors bet Greece will take the appropriate actions toward averting a sovereign-debt default.

The Dow Jones Industrial Average recently was up 132 points, or 1.1%, at 12212. The Standard & Poor's 500-stock index gained 18 points, or 1.4%, to 1296. Economically sensitive sectors such as materials, tech and energy shares led the gains. Consumer staples was the only sector trading in negative territory.

The technology-heavy Nasdaq Composite rose 56 points, or 2.1%, to 2685.

Greek Prime Minister George Papandreou faces a crucial vote of confidence in parliament late Tuesday. Investors are closely watching how the Greek government attempts to drum up support for its economic reforms aimed at tackling the country's financial problems.

The confidence vote, which is expected at 5 p.m. ET, comes just days after a mass protest over new government cutbacks shook Greece's political establishment.

2) Americans Perceive Quality Jobs as Harder to Get in June-From Gallup

Americans' assessments of the job market have soured in June after showing modest improvement in the spring, with 86% saying now is a "bad time" to find a quality job. This ties February's reading for the worst of 2011. Eleven percent say now is a "good time" to find a quality job.

Americans gave their most upbeat 2011 measure of job market conditions in April, when 81% rated it a bad time and 17% a good time to find a quality job.

Gallup has asked Americans this question monthly since 2001. On several occasions in 2009 and 2010, as many as 90% of Americans rated it a bad time to find a quality job. The percentage saying it is a good time peaked in January 2007 at 48% -- prior to the recent recession.

3)Home sales fall to 2011 low; few 1st-time buyers-From The AP

Fewer people bought previously occupied homes in May, lowering sales to their weakest point of the year.

Home sales sank 3.8 percent last month to a seasonally adjusted annual rate of 4.81 million homes, the National Association of Realtors said Tuesday. That's far below the roughly 6 million annual sales rate typical in healthy housing markets.

Since the housing boom went bust in 2006, sales have fallen in four of the past five years. Analysts say they expect sales to level off at about 5 million a year. That's not much better than the 4.91 million homes sold last year, the worst showing in 13 years.

The depressed housing market has weighed on the broader economy. Declining home prices have kept people from selling their houses and moving to find jobs in growing areas. They have also made people feel less wealthy. That has reduced consumer spending, which drives about 70 percent of economic activity.

One sign of the housing industry's struggles is that fewer first-time buyers are entering the market. The number of first-timers ticked down to 35 percent of sales last month. In healthy times, they drive about half of sales.


 Quote of the Day from Dave Ramsey.com:
You have to have confidence in your ability, and then be tough enough to follow through. — Rosalynn Smith Carter