The Dow rose 1% or 180 points today to close at 18,115. Trading volume was up in a big way from the day before. The NASDAQ market hit an all-time high as well gaining 1.34% as tech stocks gained after the Federal Reserve said it would not raise rates just yet.
Will the gyro leave the euro? Betting firm William Hill was offering 1/5 odds that Greece would leave the currency union but they had to close the betting window as too many people were saying “I’ll take some of that action!” While the site is banking on Greece remaining in the currency union, there is a real possibility that negotiations could go south leaving the firm to pay out a massive sum and leave town in shame. Meanwhile Greek savers continue the “cash dash” and are pulling money from banks at an accelerated rate. Estimates now show that over 2 billion euros have been yanked so far this week which is 3x the level seen in recent weeks. PM Tsipras is under pressure and while remaining defiant, there appears to be a strand or two of gray hair creeping into his mop to compliment the beeds of sweat on his brow. This thing is about to get interesting.
The Paris Air show is coming to a close and Boeing has racked up 331 orders worth $50 billion while Airbus pulled in a late huge order from a discount flier called Wizz (I wonder what they call their onboard restrooms?) which signed on the dotted line for 110 of the A321 neos. This order gave Airbus a total of 421 orders. Last year at this same airshow Boeing pulled in 201 orders so this year was a nice bump higher for them while Airbus experienced a slight deline in order numbers from last year. One big plus was an order for 20 Boeing747 freighters which will add 15 months of production to the Everett plant. 747 orders have been slow and the Everett plant was down to about 2 years of production before this new order came in.