New York Session – June 30, 2010 5:21 PM

by Trader Rich

Risk aversion remained the dominant theme in the NY session. ADP June Employment Change started off by printing a disappointing +13k increase against expectations of a +60k increase. Next up on the data slate was Chicago PMI, which came out in line with expectations at 59.1. As the day wore on, equities floundered between negative and positive territory before news that Moody’s was placing Spain sovereign ratings on review for a possible downgrade revived concerns about European debt. Equities slid lower and losses accelerated in the last half hour of trading with the S&P ending down 1% on the day and 12% on the quarter, and the lowest close for the year. Full text »

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