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On Monday, pro traders were again wondering if it was going to be a cruel summer for the stock market.The S&P tumbled with investors having a hard time finding any reason to hit the buy button.From the floor of the New York Stock Exchange, trader Steve Grasso, director of institutional sales trading at Stuart Frankel, says as he talks with colleagues he finds little enthusiasm for stocks. “Right now it’s hard to find a reason to be bullish."
Largely, the market is again spooked by developments in Europe. Spain formally requested euro zone rescue loans for up to 100 billion euros ($125 billion) to recapitalize its banks, saying the final amount of assistance would be set at a later stage. Some market economists say it is merely a prelude to a full bailout for Spain.Meanwhile, billionaire investor George Soros added to the market’s skittish tone when he said in an FT editorial that Germany’s ongoing reluctance to support a banking union and stimulus measures is in the way of a solution to Europe’s debt crisis.
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