The Dow Jones Industrials (INDEX: ^DJI ) are looking eerily similar to the Seattle Mariners lately, winning one before falling for five straight days. Today the Dow dropped its fifth in a row because of a delayed reaction to the political uncertainty in Greece. The day started off with a massive sell-off but spent the afternoon climbing out of the depths before closing down 0.59%.
With the Greek elections wreaking havoc on the market and increasing uncertainty over a European rebound, the dollar gained ground on the euro as commodities took a swim. Crude prices failed to find support as the freefall continues, with June futures down 0.68% today.
On the day, Fossil (Nasdaq: FOSL ) topped the list of the worst performers, as the company lost a third of its market value after cutting its growth outlook for the year on the heels of slowing European and Asian demand.
On the other hand, Disney (NYSE: DIS ) , up 1.10%, turned in a strong back-to-back performance, with today's performance stemming from the outstanding performance of The Avengers over the weekend and the release of the companies second-quarter adjusted earnings of $0.58 per share, which beat estimates by $0.03.
The Dow components hit the hardest were those in the volatile banking sector and the industrial sector. Bank of America and JPMorgan Chase (NYSE: JPM ) , the latter down 0.96%, were directly affected by the upheaval in Greece and the increased likelihood that the country rejects austerity measures and defaults on its debts before being removed from the European Union. As for the industrials, Alcoa (NYSE: AA ) , down 1.29%, saw a strong drop as austerity measures overseas are slowing GDP growth in Europe, coupled with a possible hard landing in China.
The look ahead
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