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  1. Home
  2. / Markets

Market Wrap: Greece Weighs on Stocks

Payment to IMF deferred as major averages slide.
By DAVID PELTIER Jun 04, 2015 | 04:41 PM EDT
Stocks quotes in this article: OPK, BRLI, ZOES

Once again, actions in Europe dominated the trading back here at home on Thursday. The broader stock market averages fell 0.8% to 0.95%, as Greece deferred a payment due to the International Monetary Fund (IMF).

Materials, energy and industrial names led the way lower on the session. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note fell 5.9 basis points to 2.305%. The price of crude oil also fell more than 2% for the second straight day.

The biggest movers on the session were acquisition-related. Opko Health (OPK) offered to buy Bio-Reference Laboratories (BRLI) for $1.47 billion in cash and stock. Bio-Reference moved 20% higher, while Opko fell 15%.

In after-hours action, Zoe's Kitchen (ZOES) is trading more than 3% higher after posting a surprise quarterly profit.

Looking ahead to Friday morning, the focus will be on the May jobs data. Economists are expecting the addition of 225,000 non-farm payrolls and for the unemployment rate to remain at 5.4%. Traders will be watching this report closely as the data-dependent FOMC was reportedly urged by the IMF today to delay interest rate increases until 2016.

David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.

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At the time of publication, Peltier had no positions in the stocks mentioned.

TAGS: Investing | U.S. Equity | Markets | Stocks

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