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Investors had been on edge over the euro zone after a report that Moody's told a number of Spanish banks that it will lower their ratings, according to a Spanish newspaper, citing sources. This comes after the agency cut the ratings of 26 Italian lenders earlier this week. Spain's 10-year yields spiked back above 6 percent.
“This dollar strength has not been good for the markets overall,” noted Bob Iaccino, founder of TraderOutlook.com. “As a trader, I’m looking at about 1,285 [on the S&P 500] as a safe place to buy. I know it’s a lot lower [than current levels], but it doesn’t mean I’m shorting—just means I’m not comfortable buying for a longer-term position.”
Meanwhile, gold prices surged more than 2 percent to trade above $1,570 an ounce, bouncing off a 4-1/2 month low and seeing their best intraday session in 2012 .
On the economic front, leading indicators fell for the first time in seven months, according to the Conference Board. Economists And the pace of factory activity in the mid-Atlantic region unexpectedly contracted in May, according to the Philadelphia Federal Reserve Bank.
Claims for unemployment benefits were unchanged last week , holding steady at a seasonally adjusted 370,000 rate, according to the Labor Department.
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