Markets may take the tensions around Greece's debt talks more seriously Friday, ahead of a weekend that could end with the country in an even more perilous state.
Traders on Thursday shrugged off the bombardment of headlines on Greece's dealings with euro zone officials, responding instead to the idea that the Fed delivered a dovish message to markets Wednesday. That sent stocks sharply higher, and the Nasdaq soared to a new high, surpassing its tech bubble intraday peak of 5,132 for the first time. The Russell 2000 also hit a new high.
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"I would argue that the Fed did strengthen the assessment of the economy in the second half of the year. There were some optimistic things in there. The bond market was strengthening before the Fed. This is the bond market's way of starting to say, 'we're taking Greece a little more seriously because we're getting closer to the deadline," said Jordan Kotick, head of cross asset strategy at RBC Dominion Securities.
"Our eyes are on the tape. ... There are a lot of things that could be said on weekends, as always. ... Everyone in the financial world is keeping an eye on Greece and that's a 24/7 job."