The Dow Jones Industrial Average closed Friday at 12,801.23, down 89.23 points, or 0.7% to tally a weekly decline of 0.5%. The S&P 500 lost 9.31 points, or 0.7%, to 1,342.64 for a week-on-week decline of 0.2%, while the Nasdaq Composite shed 23.35 points, or 0.8%, to end at 2,903.88, down 0.1% from a week earlier.
The S&P posted its biggest percentage decline so far in 2012 on Friday after an about-face on Greece's long-awaited debt deal ended a five-week streak of gains for equities.
A parliamentary vote on Greece’s unpopular new austerity measures is expected as soon as Sunday, Greece has very little choice but to adopt the austerity measures. Moving back to the Greek currency is not a viable option and will cast Greece as a lesser nation
Economic indicators due next week include retail sales on Tuesday and industrial production on Wednesday. On Thursday, housing starts, jobless claims and the producer price index are due. The consumer price index will be released on Friday.
For the week, the Dow was down 0.5 percent, S&P was down 0.2 percent and the Nasdaq was down 0.06 percent.
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The standard 15-year fixed mortgage rates greater than before to 3.36 % whereas the jumbo 30-year fixed mortgage held at a record low of 4.55 %. The normal 5-year and 7-year variable mortgage rates were up this week, to 3.05% and 3.27%, respectively.
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