Markets Snap Back After Greek Default

In the second-to-last day of this short trading week, domestic markets bounced back up after a disastrous Tuesday. The Dow gained 138.40 points in trading, and closed the day at 17,757.91 -- still well below the 18k floor that had been in place earlier this summer. The NASDAQ was up 26.25 in trading today, and closed at 5,013.12. The S&P 500 also made gains, climbing 14.31 points to 2,077.42. Although the gains in the market weren't enough to offset yesterday's losses, they're still a good sign that the world is ready to move on from the Greek crisis.

American Car Industry Posts Higher Summer Sales Numbers

Three domestic car companies reported their preliminary June sales numbers, and the results are looking good.
Fiat-Chrysler (FCAU) posted an 8.5% year-over-year jump in sales, with Ford (F) making more modest gains of around 3%. The only car company to fall behind was General Motors (GM), with a 2.5% dip in sales compared to this time last year.

The American auto producers are still suffering compared to the boom years of the early 2000's, but the increase in sales is a good omen for car companies. With oil prices falling and the price at the pump lower than expected this summer, consumers should be gearing up to buy new cars. Unfortunately consumer spending has fallen in the wake of the recession, but car companies are optimistic that their sales will keep increasing.

OPEC Sets Production Record as Oil Prices Fall

Crude oil prices took a tumble today, erasing yesterday's gains and falling below $57 per barrel. This is on the heels of an announcement by OPEC that they've produced 35 million barrels of oil last month, a record high for the conglomerate. The United States is also doing its part, producing over 9 million barrels of oil last month and upping its strategic capacity by 4%.

FitBit (FIT) More Than Doubles IPO

FitBit (FIT) more than doubled its opening price today, shooting up over $45 per share after a $20 initial offering. The company is well positioned to keep growing, as the wearable technology market continues expanding. FitBit is poised to compete with wearable technology like Apple's (AAPL) new watch, and similar products from Microsoft (MSFT) and Google (GOOG) on the horizon.

Chubb Corp (CB) Posts Big Gains Ahead of Acquisition

Chubb Corp (CB) posted gains of over 25% today, as it gears up to be bought out. Shares of Chubb started the day below $100, but shot up to $120 by the closing bell. Chubb is a mid-cap insurance company, and it's being bought out by fellow insurer ACE Ltd (ACE).
Published on Jul 1, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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