U.S. stocks higher on Greek talk progress; Dow up 0.26%
Published Feb 07, 2012 04:30PM ET
Near the close of U.S. trade, the Dow gained 0.26%, the S&P 500 advanced 0.20% and the Nasdaq Composite climbed 0.07%.
Stocks rallied on reports that Greek officials were working on the final draft of a bailout agreement in front of a meeting between Greek Prime Minister Lucas Papademos and coalition leaders today.
This agreement is critical for Greece to avoid default on March 20 by obtaining its next tranche of bailout funds.
Eurogroup President Jean Claude Juncker stated earlier that he is confident Greece will remain in the euro zone, provided the island nation fulfilled its obligations to other euro zone nations.
However the Greek prime minister delayed a meeting with heads of the political parties supporting his government for a second time as the government and international creditors negotiated over terms to secure the second EU bailout package.
Papademos plans to meet with the leaders in Athens on Wednesday, instead of this evening as previously scheduled.
Earnings season is in full swing with 68% of the 280 companies in the S&P 500 reporting since January 9 beating estimates.
Burger kingpin McDonald’s gained 1.4% on word that it will announce tomorrow a strong gain in global sales for units open at least 13 months.
Yum climbed 2.7% after reporting a 21% sales increase in stores open at least 12 months in China.
Strong Asian sales lifted Coca Cola 1.2% after the soft drink maker reported fourth quarter profits topping analysts’ estimates.
In bearish news, retailer Walgreen Co. gave back 2.2% after Citigroup cut its shares to neutral.
After the close of European trade, the EURO STOXX 50 gained 0.25%, France's CAC 40 advanced 0.18%, while Germany's DAX slipped 0.16%. Meanwhile, in the U.K. the FTSE 100 dropped 0.03%.
Investors are awaiting Australian consumer sentiment, New Zealand employment, Canadian housing starts, as well as U.S. crude oil inventories on Wednesday.
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Written By: Investing.com
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