December 11, 2017
Friday, July 10, 2015

Wall St ends sharply higher in broad rally

US stocks closed broadly higher today, with major indexes ending up more than 1 percent on hopes Greece would be able to secure fresh funding at an upcoming meeting, which would allow it to avert bankruptcy and remain in the euro zone.

Indexes finished off their highs of the session after Federal Reserve Chair Janet Yellen said she expected the Fed to raise interest rates at some point this year, while expressing concern that the US labor market remained weak.

Investors have long expected a rate hike in 2015, though opinions have been split on whether it would come in September or December. Yellen gave no direct hint about whether the US central bank would raise rates more than once over the course of its four remaining meetings in 2015.

The day's gains were widespread, with all 10 of the S&P 500's primary sectors higher on the day.

Euro zone finance ministers will meet on Saturday to decide on a third bailout for Greece, which made substantial concessions in its latest proposal to lenders, including tax hikes, in hopes of receiving $59 billion to help it cover debts until 2018.

For the week, the Dow rose 0.17 percent while the S&P fell 0.01 percent and the Nasdaq ended down 0.23 percent in its third straight weekly decline. Equities were pressured earlier this week by a slowdown in China, weak commodity prices and uncertainty over the Greek debt crisis.

Wall Street was also supported on Friday by a continued recovery in China's equity market, which was helped by a barrage of government support measures. Chinese Premier Li Keqiang said the country would make more targeted changes to its policies to support the economy and promised to increase the transparency of China's capital and money markets.

The Bank of New York Mellon China's index of Chinese shares traded in the United States rose 2.4 percent.

The Dow Jones industrial average rose 211.79 points, or 1.21 percent, to 17,760.41, the S&P 500 gained 25.31 points, or 1.23 percent, to 2,076.62 and the Nasdaq Composite added 75.30 points, or 1.53 percent, to 4,997.70.

Meanwhile, European stocks surged after Greece made substantial concessions in its latest bid to win new funds from creditors and avert bankruptcy.

The pan-European FTSEurofirst 300 index ended 2.1 percent higher at 1,543.01 points, with the euro zone's blue-chip Euro STOXX 50 advancing 3.2 percent.

The VSTOXX, a volatility index for European shares, fell 2.9 points to 27.88, its lowest level so far this month.

In Asia, the Nikkei share average edged down, hit by sharp losses in index-heavyweight Fast Retailing Co on its weak domestic sales outlook for the current quarter.

A second-day rally by China markets helped limit the decline, however, as the Nikkei share average shed 0.4 percent to 19,779.83 in choppy trade. For the week, the Nikkei declined 3.7 percent, the biggest weekly drop since last October.

The broader Topix index outperformed, rising 0.2 percent to 1,583.55. The JPX-Nikkei Index 400 gained 0.3 percent to 14,312.51.

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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