Investing.com - U.S. stocks traded higher Thursday, as Greek leaders agreed on an austerity plan in order to qualify for international economic rescue funds.
Near the close of U.S. trade, the Dow gained 0.05%, the S&P 500 advanced 0.18% and the Nasdaq Composite surged 0.39%.
The equity rally was sparked when Greek officials reached an agreement on austerity measures needed to obtain a EUR130 billion bailout package.
However, Greece, the European Commission, the European Central Bank and the International Monetary Fund are meeting in Brussels today to determine if Greece has met its obligations to qualify for its second bailout package.
The European Central Bank decided to keep interest rates at the record low 1%. President Mario Draghi stated that surveys confirm tentative signs of economic stabilization in the euro zone.
Meanwhile, the Bank of England decided to stimulate the economy with another GBP50 billion to insure the economic recovery continues.
England’s Monetary Policy Committee increased the target for bond purchases to GBP325 billion, over a quarter of current outstanding gilts.
The United States saw a surprising decline in the number of first time unemployment claims last week. This solidifies hopes that the economic recovery is continuing in the world’s largest economy.
Earnings season is in full swing with 68% of the 280 companies in the S&P 500 reporting since January 9 beating estimates.
In earnings news, Visa climbed 5% after profits beat estimates and Akami soared 10% on sales beating estimates.
The much hyped daily deal site, Groupon plunged 13% on an unexpected tax liability.
PepsiCo gave back 3.8% after announcing massive job cuts and increased marketing spending for the world’s largest snack food maker.
Meanwhile, after the close of European trade, the EURO STOXX 50 gained 0.37%, France's CAC 40 climbed 0.43%, while Germany's DAX added 0.59%. Meanwhile, in the U.K. the FTSE 100 moved higher by 0.33%.
Investors are awaiting French industrial production, Switzerland’s consumer price inflation, U.K’s producer price inflation, and in the U.S., the trade balance and consumer sentiment on Friday.
Near the close of U.S. trade, the Dow gained 0.05%, the S&P 500 advanced 0.18% and the Nasdaq Composite surged 0.39%.
The equity rally was sparked when Greek officials reached an agreement on austerity measures needed to obtain a EUR130 billion bailout package.
However, Greece, the European Commission, the European Central Bank and the International Monetary Fund are meeting in Brussels today to determine if Greece has met its obligations to qualify for its second bailout package.
The European Central Bank decided to keep interest rates at the record low 1%. President Mario Draghi stated that surveys confirm tentative signs of economic stabilization in the euro zone.
Meanwhile, the Bank of England decided to stimulate the economy with another GBP50 billion to insure the economic recovery continues.
England’s Monetary Policy Committee increased the target for bond purchases to GBP325 billion, over a quarter of current outstanding gilts.
The United States saw a surprising decline in the number of first time unemployment claims last week. This solidifies hopes that the economic recovery is continuing in the world’s largest economy.
Earnings season is in full swing with 68% of the 280 companies in the S&P 500 reporting since January 9 beating estimates.
In earnings news, Visa climbed 5% after profits beat estimates and Akami soared 10% on sales beating estimates.
The much hyped daily deal site, Groupon plunged 13% on an unexpected tax liability.
PepsiCo gave back 3.8% after announcing massive job cuts and increased marketing spending for the world’s largest snack food maker.
Meanwhile, after the close of European trade, the EURO STOXX 50 gained 0.37%, France's CAC 40 climbed 0.43%, while Germany's DAX added 0.59%. Meanwhile, in the U.K. the FTSE 100 moved higher by 0.33%.
Investors are awaiting French industrial production, Switzerland’s consumer price inflation, U.K’s producer price inflation, and in the U.S., the trade balance and consumer sentiment on Friday.