McIlroy Dominates At Congressional

Northern Irishman Rory McIlroy dominated the early going at the U.S. Open at the Congressional Country Club in Bethesda,Maryland.Mature beyond his 22 years,McIlroy,who also had led the year's first major,The Masters,through most of the tournament,made golf history on Friday by posting the best ever 36-hole score at the U.S. Open.
Although botching the eighteenth hole along with Phil Mickelson,McIlroy ended the day with an 11 under 131 for the tournament so far.Mickelson was well back at 1 over.
News from Europe dominated the stock market this week,resulting in several poor closing bells.By week's end,however,things had calmed down in Athens,Greece and the Europeans seemed closer to resolving their debt crisis for the moment,allowing the major averages to post minute gains.The Dow and S&P closed fractionally up for the week,at 0.4 and 0.04,respectively.The NASDAQ gained a more appreciable 1.0.
The Wallow fire,worst in Arizona history,continued to burn Friday evening,being 33% contained.Gusty winds were unfortunately in the forecast,posing further danger of blazes in the drought-ridden West.
The week ahead poses more danger for portfolios as the Federal Reserve issues an interest rate decision and statement on Wednesday.Data on home sales,durable goods and Gross Domestic Product may also prove significant to investors.
The S&P futures took a positive slant,rising 2.50 Friday evening,while bond index futures headed downward.

Euro Powers Stocks

The market made modest gains this week,bolstered by a stable Euro as debt crisis fears receded.The S&P rose 2.5,while the Dow notched 2.8 and the NASDAQ garnered 1.1.The VIX volatility index closed down 23.7.The market has been moving in tandem with the Euro recently,and this week was no exception.With earnings season some weeks off,the market is event-driven,and the European debt crisis is the main event on traders' minds.The S&P futures signaled a cautious Monday opening with a drop of 1.50,and bond futures rose.
In golf,Graeme McDowell,a British golfer best known for his wins in Europe,led the U.S. Open at Pebble Beach on California's Monterrey Peninsula.Phil Mickelson had an outstanding second round,scoring six birdies for a -1,while McDowell was at -3.Mickelson shared second place with Dustin Johnson,Ryo Ishikawa and Ernie Els.Tiger Woods was buried in the field at +4.Several golfers said the remarkable ocean side scenery was a distraction.