$Stock*Shop*Charts*News*Option$

[EZ2]

U.S. stocks pare gains in afternoon trade

MARKETWATCH 12:59 PM ET 6/30/2015
By Anora Mahmudova and Carla Mozee, MarketWatch

Main indexes set to record monthly and quarterly losses

U.S. stocks pared modest opening gains and were trading near the flat on Tuesday, a day after a brutal selloff erased year-to-date gains for the main indexes. The S&P 500 and Dow were on track to post monthly and quarterly losses, snapping a nine-quarter winning streak.

Earlier gains appeared to be fueled by news that Greece and its lenders may find a last-minute measure to avert a default, after Greece proposed a two-year deal using the eurozone bailout fund, according to The Wall Street Journal (www.wsj.com/articles/some-greek-banks-to-open-for-pensioners-1435653433). However, the main indexes have struggled to stay in positive territory.

The S&P 500 was up 1 point to 2,059. The Dow Jones Industrial Average was up 7 points to 17,603. The Nasdaq Composite was 15 points, or 0.3% higher to 4,972.

Here's what technical analysts are watching after the year's biggest selloff (http://www.marketwatch.com/story/heres- what-technical-analysts-are-watching-after-the-years-biggest-selloff-2015-06-30)

"This is a holiday-shortened week and with Greece news driving the markets, we expect some erratic trading. The concern here is the kind of pullback we last saw in October. Traders will be watching the 2,040 level on the S&P 500 very closely," said Frank Cappelleri, executive director at Instinet LLC.

Questions remain about the future of Greece as it heads toward a referendum (http://www.marketwatch.com/story/yay-or- nay-greeces-referendum-will-be-complicated-2015-06-29) July 5 that is being framed as a vote on whether the European country should stay in the eurozone. Greece missed a Tuesday deadline to repay 1.54 billion euro ($1.71 billion) to the International Monetary Fund, and the country's bailout program also expires today

Also read: Athens considers last-minute bid to secure a deal (http://www.marketwatch.com/story/greek-debt-crisis- athens-considers-last-minute-bid-to-secure-a-deal-2015-06-30)

Data: Investors digested a trio of mixed economic reports. U.S. house prices rose in April, supported by the spring sales market, with gains in all the cities tracked by the Case-Shiller 20-city composite index released Tuesday, however the gain fell short of expectations.

Chicago PMI rose in June but remained under the 50 level, indicating a slight contraction in conditions. That is the fourth month below 50 this year.

Separately, U.S. consumer confidence jumped in June, according to an index released by The Conference Board on Tuesday, topping forecasts.

Stocks to watch: ConAgra Foods Inc. (CAG) shares rose 0.9% after the company reported fiscal fourth-quarter earnings and said it is planning to exit the private-label business as it focuses more on growing its consumer and commercial foods segments.

Pentair PLC (PNR) shares jumped 5% after Trian Fund Management L.P. revealed a 7.24% stake in the companies. Trian is asking the maker of pumps and valves to buy rivals and consolidate fragmented market.

General Electric Co. (GE) has agreed to sell its European private-equity finance business to Japan'sSumitomo Mitsui Banking Corp. for about $2.2 billion. The stock added 0.5%.

For more on today's notable movers read Movers & Shakers column (http://www.marketwatch.com/story/microsoft-apollo- education-conagra-in-spotlight-2015-06-29).

Other markets: Chinese shares bounced back from heavy selling (http://www.marketwatch.com/story/china-shares-fall-as- rest-of-asia-is-calm-2015-06-29) seen Monday, pulling the benchmark back from losses that had put it in bear-market territory. Japan's Nikkei ended higher by 0.6%. But European stocks extended their losses (http://www.marketwatch.com/ story/european-stocks-mired-in-red-with-greek-default-expected-2015-06-30) as investors continued to wrestle with Greek- related worries.

Oil prices were higher, while gold futures lost ground.

-Anora Mahmudova; 415-439-6400; [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires
06-30-151259ET
Copyright (c) 2015 Dow Jones & Company, Inc.