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“I think the big issues is that we know they kind of backed away from QE3, and there had already been pretty strong evidence of that I think in the March minutes. It would be interesting to see if there’s any talk on what might lead them to do that. It’s clearly what the market is focused on. It’s a topic that just won’t go away,” said Stephen Stanley, chief economist at Pierpont Securities.
Stanley said while serious, he does not expect the situation in Greece to have much effect on the U.S. unless it leads to a tightening of financial conditions.
“I think it’s something to be watched and I don’t dismiss it, but I’ve got to believe that having so much time to prepare, I’d be surprised if this catches anybody by surprise,” said Stanley.
“I don’t see how there’s any other end of story other than that they leave the euro zone. It doesn’t seem as a society they are prepared to do what they need to do to stay in,” he added.
The Dow finished down 63 points at 12,632 , and the S&P 500 slid 7 to 1,330, after breaking through the key 1,340 support in Monday’s selloff. The yield on the 10-year Treasury slipped to 1.76 percent, the lowest level since October, and just above the record low of 1.67 percent of last September.
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