Despite Progress in Europe, All Eyes Were on the Supreme Court

For the week of Monday, June 25, 2012, through Friday, June 29, 2012

• Standard & Poor’s 500 Index: 2.03%
• Dow Jones Industrial Average: 1.89%
• NASDAQ Composite: 1.47%

The U.S. markets ended the week on a high note, as European leaders said they would work to create a single supervisor for the eurozone’s banks. They also agreed that the eurozone’s bailout funds should be able to directly boost the capital of struggling banks, without adding to government debt. However, despite the progress in Europe, much of American investors’ attention was focused on the Supreme Court’s ruling on healthcare.

The financial markets began the week on a sour note, as stocks fell around the globe. Oil prices eased on Monday amid lowered expectations for any further progress on Europe’s debt crisis.  U.S. stocks had a modest rebound after data showed home prices fell less than expected in April. By mid-week, investors pushed stocks to a second consecutive day of gains, as a rise in oil prices and positive readings on the U.S. housing sector lifted sentiment ahead of a two-day European summit meeting. On Thursday, all eyes were focused on the Supreme Court’s decision to uphold The Patient Protection and Affordable Care Act, also known as Obamacare.

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