Greek Optimism Nudges Stocks Higher
Greek Optimism Nudges Stocks Higher
NEW YORK (AP) -- Stocks were advancing for a second day on Tuesday as investors continued to be optimistic that Greece would reach an accord with its creditors.
KEEPING SCORE: The Dow Jones industrial average rose 57 points, or 0.3 percent, to 18,176 as of 10:12 a.m. Eastern. The Standard & Poor's 500 index rose three points, or 0.2 percent, to 2,126 and the Nasdaq composite rose three points, or 0.1 percent, to 5,157.
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GREEK TALKS: Greece's proposals appear to have won the initial backing from its international creditors.
At a meeting Monday, leaders of the 19 nations that use the euro currency said the offer by the government of Prime Minister Alexis Tsipras might form a basis to break a four-month deadlock. The two sides are now in technical discussions before another eurozone meeting on Wednesday and a leaders' summit the following day. Investors think that a deal will be signed then, in time for Greece to get the money it needs to make an upcoming payment to the International Monetary Fund.
ANALYST'S TAKE: "Given all of the positive and optimistic comments coming from most officials on the creditors side, it looks very unlikely now that a deal will not be agreed by Wednesday evening that could then be signed off at Thursday's summit," said Craig Erlam, senior market analyst at OANDA.
SALAD, BREADSTICKS AND REAL ESTATE: Darden Restaurants, owner of Olive Garden, rose $2.48, or 4 percent, to $71.85. The restaurant holding company announced stronger-than-expected quarterly results and also said it planned on spinning off its significant real estate assets into a separate company.
ENERGY: Benchmark U.S. crude shed 35 cents to $60.13 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, was flat at $63.32 a barrel.
BONDS AND CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.42 percent from 2.37 percent. The dollar rose to 123.92 Japanese yen and the euro fell to $1.1173.
(KA)