Stocks rise as Greek debt deal nears
MARKET CLOSE: All sectors on Wall Street traded higher as the Dow added 70 points.
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Stocks on Wall Street rose, boosted by optimism increased that Greece will complete a debt-swap deal.
The Dow Jones Industrial Average was up 70.61 points, or 0.6%, to 12,907.94 at the close (10am NZ time). The S&P 500 index advanced 1.0% to 1365.91 and the Nasdaq Composite tacked on 1.0% to 2965.
All sectors traded higher, with materials and health-care stocks leading the advance.
Alcoa, up 2%, and JP Morgan, up 1.2%, notched the Dow's biggest gains on a percentage basis.
European markets were higher. The Stoxx Europe 600 was up 1.6%, buoyed by the belief that the participation rate of private-sector creditors in Greek debt swap will be high enough for Greece to receive another round of bailout funds.
Asian markets also rallied. China's Shanghai Composite climbed 1.1% and Japan's Nikkei Stock Average surged 2%, as both snapped three-session losing streaks.
Crude oil futures gained 0.6% to $US106.73 a barrel, while gold futures tacked on 0.7% to $US1695.70 an ounce.
The US dollar was mixed, losing ground against the euro but rising against the yen.
Nevil Gibson
Fri, 09 Mar 2012
Fri, 09 Mar 2012
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Stocks rise as Greek debt deal nears
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