US stocks open higher on speculation of a late Greek deal

30 Jun 2015 | Author: | No comments yet »

U.S. stocks open higher as hopes rise for late deal on Greece.

Specialist Anthony Rinaldi, left, and trader John Liotti work on the floor of the New York Stock Exchange, Tuesday, June 30, 2015. On Tuesday, there was some optimism that a deal could still be done after Jean-Claude Juncker, the head of the European Union’s Executive Commission, made a last-ditch effort to help Greece get a bailout deal.

NEW YORK • U.S. stocks moved higher in morning trading on speculation that the Greek government is considering a last-minute attempt to break the deadlock between the country and its creditors.NEW YORK, June 30 (Xinhua) — U.S. stocks opened higher on Tuesday, a day after their worst session of the year, as investors were assessing the impacts of the unfolding Greek debt crisis. Greece government says the country will not make its payment due Tuesday to the International Monetary Fund and European Union officials say Greece would lose access to more than 16 billion euros ($18 billion) in financial support once its bailout program expires at midnight. “Deep down there is a sense that some sort of compromise will be reached before the deadline — it’s the eurozone way,” said David Madden, market analyst at IG. The remarks were made amid media reports that in the past few hours Greece’s dialogue with international creditors has resumed to achieve a last minute debt deal and avert a financial collapse and possible Grexit. Major markets in Europe took a battering following news over the weekend that Greece’s eurozone partners refused to extend the country’s bailout program.

On Tuesday, the office of the Greek Prime Minister said that Greece remains at the negotiating table, and that the government has proposed a two-year deal with Europe’s bailout fund. Xinhua describes itself as the “information organ of the central government.” Given China’s size and importance, GlobalPost publishes Xinhua’s press feed as a resource for its readers and makes no claims as to journalistic accuracy. NO DEAL: Sysco said it scrapped a proposed $3.5 billion buyout of US Foods after the Federal Trade Commission blocked the deal to combine the two food-service companies. The FTC argued that the merger it would reduce competition by putting three-quarters of U.S. market for restaurant suppliers under the control of one company.

In other trading, Willis Group Holdings rose $2.14, or 4.8 percent, to $47.56 after the insurance broker said it will tie up with Towers Watson in an all-stock deal valued at about $18 billion. Standard & Poor’s, a debt-rating company, said that a default, or a restructuring, of the island’s debt within the next six months appeared inevitable. Puerto Rico’s governor said Monday night he will form a financial team to negotiate with bondholders on delaying debt payments and then restructuring $72 billion in public debt that he says the U.S. island can’t repay. BONDS, DOLLARS: U.S. government bond prices jumped, sending the yield on the 10-year Treasury note down to 2.39 percent from 2.47 percent late Friday.

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