Public workers in Greece marched on Parliament in protest of their
government's bailout-for-austerity deal with the European Union (
EU
) and International Monetary Fund (
IMF
) as the euro exchange traded fund (
ETF
) sank to a one-year low.
Worries that the bailout deal and aid package may not be enough
to meet Greece's borrowing needs continue to contribute to market
concerns, compounded by news that Greece had hired investment bank
Lazard, the firm that recently advised countries such as Argentina,
Ecuador, and Ivory Coast on sovereign debt restructuring. However,
Greece continues to deny any possibility of debt restructuring,
hoping instead that the tough decisions made over the weekend have
placed Greece on a better path. [
Why Italy ETF Is Vulnerable.
]
-
CurrencyShares Euro Trust (NYSEArca:
FXE
)
Signals that U. S. economic expansion is gaining momentum showed
today in a 1.3% increase in factory orders in March, pushed by
growing demand for capital equipment and petroleum. This increase
was more than twice the expected rate, matching the prior month's
gain, as a number of manufacturers struggle to keep up with demand
from consumers and businesses alike. Sales increased 2.2%, the
highest increase since November 2007, as companies like Texas
Instruments (NYSE:
TXN
) was among a number of companies ramping up production to meet
growing demand from a recovering global economy. [
5 ETFs to Play the Recovery.
]
-
Industrial Select Sector SPDR (NYSEArca:
XLI
)
In light of the expiring $8,000 tax credit, more Americans
signed purchase agreements on previously-owned homes than expected,
increasing 5.3% to 102.9, after rising 8.3% in February. While job
gains and are still needed to limit foreclosures and broaden the
economic recovery, the expanding housing market is a good sign that
the economy has hit bottom and is inching back up. [
Moment of Truth Looms for Homebuilders.
]
-
iShares Dow Jones U.S. Home Construction (NYSEArca:
ITB
)
Drugmaker Pfizer (NYSE:
PFE
) reported a slump in first-quarter profits on Tuesday following
the acquisition of Wyeth last October, but the company remains
confident, with sales of Wyeth products increasing revenue by $5.3
billion. Despite expected revenue reductions caused by the new
health law, Pfizer is reaffirming its profit forecast for the year,
expecting revenue of $68 billion. [
5 ETFs for Health Care Overhaul.
]
Aaron Hurst contributed to this article