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Stocks edge higher after Greece debt concerns ease
Source: Agencies |
April 13, 2010, Tuesday
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STOCKS rose yesterday after concerns about Greece's debt problems eased further over the weekend. The Dow Jones industrial average climbed back above 11,000.
A loan agreement for Greece also allowed U.S. investors to prepare for a busy week of economic and corporate earnings reports.
Over the weekend, European leaders agreed to make loans available to Greece to help the country ease its debt burden. The 16 countries that use the euro agreed to provide €30 billion (US$40.5 billion) in loans to Greece if the country asks for money. The International Monetary Fund would contribute another €10 billion (US$13.5 billion) if needed.
The loans would carry interest rates below what private lenders had been demanding in recent days to hold Greek debt.
The details help calm worries that have been one of the few drags on stocks. There has been concerns in recent months that mounting debt in Greece and other European nations like Spain and Portugal would stunt an economic recovery in Europe.
European markets were trading in a narrow range following the bailout deal. The euro rose against the dollar.
In midmorning trading, the Dow rose 18.67, or 0.2 percent, to 11,016.02. The Standard & Poor's 500 index rose 3.16, or 0.3 percent, to 1,197.53, while the Nasdaq composite index rose 4.31, or 0.2 percent, at 2,458.36.
Bond prices fell, pushing yields higher. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.90 percent from 3.88 percent late Friday.
The Dow is coming off its sixth straight weekly gain and is at its highest level in 18 months. The Dow climbed above 11,000 for the first time since September 2008 in the final moments of trading Friday before ending the session just below that threshold.
Gold fell. Crude oil rose 14 cents to US$85.06 per barrel on the New York Mercantile Exchange.
Easing concerns about Greece's debt problems on Friday helped push shares higher.
With stocks rising steadily in recent months, investors could take a cautious approach to trading yesterday heading into earnings season. Traders will want to see fresh signs of economic growth as first-quarter results are announced in the coming weeks.
Dow component Alcoa Inc. opens earnings season after the market closes yesterday. Intel Corp., JPMorgan Chase & Co., Bank of America Corp., Google Inc. and General Electric Co. all also report earnings this week.
Reports on inflation, retail sales, manufacturing and housing will be released throughout the week. Stocks have been rising steadily in recent months as reports show steady but slow economic growth.
A panel of academics that pinpoints the length of recessions said it's still too early to put an end-date on the most recent recession based on current economic reports.
The Russell 2000 index of smaller companies rose 1.89, or 0.3 percent, to 704.84.
Advancing issues narrowly outnumbered those that fell on the New York Stock Exchange, where volume came to 133.1 million shares, compared with 161.4 million shares traded at the same point Friday.
A loan agreement for Greece also allowed U.S. investors to prepare for a busy week of economic and corporate earnings reports.
Over the weekend, European leaders agreed to make loans available to Greece to help the country ease its debt burden. The 16 countries that use the euro agreed to provide €30 billion (US$40.5 billion) in loans to Greece if the country asks for money. The International Monetary Fund would contribute another €10 billion (US$13.5 billion) if needed.
The loans would carry interest rates below what private lenders had been demanding in recent days to hold Greek debt.
The details help calm worries that have been one of the few drags on stocks. There has been concerns in recent months that mounting debt in Greece and other European nations like Spain and Portugal would stunt an economic recovery in Europe.
European markets were trading in a narrow range following the bailout deal. The euro rose against the dollar.
In midmorning trading, the Dow rose 18.67, or 0.2 percent, to 11,016.02. The Standard & Poor's 500 index rose 3.16, or 0.3 percent, to 1,197.53, while the Nasdaq composite index rose 4.31, or 0.2 percent, at 2,458.36.
Bond prices fell, pushing yields higher. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.90 percent from 3.88 percent late Friday.
The Dow is coming off its sixth straight weekly gain and is at its highest level in 18 months. The Dow climbed above 11,000 for the first time since September 2008 in the final moments of trading Friday before ending the session just below that threshold.
Gold fell. Crude oil rose 14 cents to US$85.06 per barrel on the New York Mercantile Exchange.
Easing concerns about Greece's debt problems on Friday helped push shares higher.
With stocks rising steadily in recent months, investors could take a cautious approach to trading yesterday heading into earnings season. Traders will want to see fresh signs of economic growth as first-quarter results are announced in the coming weeks.
Dow component Alcoa Inc. opens earnings season after the market closes yesterday. Intel Corp., JPMorgan Chase & Co., Bank of America Corp., Google Inc. and General Electric Co. all also report earnings this week.
Reports on inflation, retail sales, manufacturing and housing will be released throughout the week. Stocks have been rising steadily in recent months as reports show steady but slow economic growth.
A panel of academics that pinpoints the length of recessions said it's still too early to put an end-date on the most recent recession based on current economic reports.
The Russell 2000 index of smaller companies rose 1.89, or 0.3 percent, to 704.84.
Advancing issues narrowly outnumbered those that fell on the New York Stock Exchange, where volume came to 133.1 million shares, compared with 161.4 million shares traded at the same point Friday.
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