Monday
December 11, 2017
Tuesday, June 16, 2015

Wall Street up with eyes on Greece, Fed; M&A supports

US stocks rose today following back-to-back daily declines, with merger activity more than offsetting market concerns as Greece struggles to avoid a default on its debt.

Traders also kept an eye on interest rates as a two-day policy-setting meeting at the Federal Reserve got under way.

Despite the collapse of talks between Athens and its European and IMF lenders over the weekend, Greek Prime Minister Alexis Tsipras told US Treasury Secretary Jack Lew that Athens aimed to reach a deal. Lew said failure to reach an agreement would create broad uncertainties for the global economy.

The Dow Jones industrial average rose 113.31 points, or 0.64 percent, to 17,904.48, the S&P 500 gained 11.86 points, or 0.57 percent, to 2,096.29 and the Nasdaq Composite added 25.58 points, or 0.51 percent, to 5,055.55.

Stocks had opened lower but quickly turned higher and drifted up throughout the day to close near the session's high.

Consumer staples lead the way up, with Coty shares at a record, closing up 19.3 percent at $31.08. Coty is on track to buy Procter & Gamble's beauty business in a $12 billion deal. P&G shares closed up 1.3 percent at $79.10.

European shares recovered in late trading and ended higher after hitting a four-month low, with analysts saying the Greece-led sell-off and a weaker euro had created some buying opportunities for investors.

The pan-European FTSEurofirst 300 index closed 0.6 percent higher at 1,528.83 points, having earlier hit its lowest level since mid-February. The European volatility index rose 3.2 percent to its highest since January.

A stabilisation in European bond markets also helped stocks, analysts said, adding the weaker euro, which was down 0.5 percent against the US dollar, was positive for European exporting companies.

Greek shares fell 4.8 percent and the country's banking index dropped 8.9 percent as Greece and its creditors hardened their stances after a breakdown in talks aimed at preventing a default and possible euro exit.

The leader of Germany's centre-left Social Democrats (SPD), Thomas Oppermann, said he saw no willingness from the Greek government to reach an agreement with creditors and that he doubted there would be a deal on Thursday.

Japanese stocks slipped as Greece teetered on the brink of a default, while investors kept a wary watch for clues on the pace of US rate increases as the Federal Reserve begins a two-day policy-setting meeting later in the day.

The Nikkei share average fell 0.6 percent to 20,257.94 while the broader Topix fell 0.7 percent to 1,639.86 in thin trade volume with turnover more than 10 percent below the average in the last 100 days.

  • CommentComment
  • Increase font size Decrease font sizeSize
  • Email article
    email
  • Print
    Print
  • Share
    1. Vote
    2. Not interesting Little interesting Interesting Very interesting Indispensable
Tags:  US  stock market  Europe  Nikkei  





  • Comment
  • Increase font size Decrease font size
  • mail
  • Print

COMMENTS >

Comment




    ámbito financiero    ambito.com    Docsalud    AlRugby.com    

Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia