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Investing Specialists

While Greece Roils, U.S. Settles Into a Rut

Most reports this week showed an economy that continues to trudge along with no real acceleration or deceleration.

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U.S. bond and stock markets were virtually unchanged on the week, which was really good news compared with the rest of the world. The whole Greek situation, which came to a head over the weekend, weighed much more heavily on markets outside of the United States. While the U.S. was also down a lot on Monday, many of the losses were recovered by the end of the week. European-related equity markets were down 3%-4% for the week while emerging markets were down just more than 1% and the S&P 500 was virtually unchanged. Commodities were slightly higher on the week.

It is still a little surprising to us that a country the size of Greece, which what one commentator mentioned was about the economic size of Alabama, was moving world markets this much. It does, however, say mountains about Europe's ability to cope with problems and that there are potentially serious problems with the structure of the eurozone. The short-term drama should settle down soon, but the longer-term structure of the European Union, with disparate countries with different growth rates tied to one rigid currency, could prove to be a real problem.

Robert Johnson, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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