U.S. Stocks Rise Amid Optimism on Chances for Greece Debt Deal

U.S. stocks rose, after equities capped their worst quarter since 2012, as Greece signaled it was ready to compromise to end a standoff over a bailout.

The S&P 500 climbed 0.6 percent to 2,074.85 at 12:18 p.m. in New York, after earlier rising as much as 1 percent. The Dow Jones Industrial Average added 110.94 points, or 0.6 percent, to 17,730.45. The Nasdaq Composite Index also advanced 0.5 percent.

Greek Prime Minister Alexis Tsipras said he’s willing to accept creditors’ latest offer as a basis for compromise. The July 5 referendum on more austerity and disagreements over pensions, spending and taxes remain sticking points. Greece missed a $ 1.7 billion repayment Tuesday to the International Monetary Fund after Europe’s leaders rebuffed its previous attempts to secure financing before bailout funding ended.

Source : Bloomberg

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Japan Stocks Rise as Investors Weigh Chances of Greek Euro Exit

Japanese stocks rose as investors assessed the fallout after global equities dropped by the most in two years on concern that Greece will exit the euro.

The Topix index climbed 0.2 percent to 1,627.54, after falling 2.5 percent on Monday. The measure is on track for a quarterly gain of 5.x percent. The Nikkei 225 Stock Average added 0.3 percent to 20,176.99. The MSCI All Country World Index of global developed and emerging-market stocks tumbled 2.2 percent on Monday, its worst loss since June 2013. Investors dumped shares after Greece called for a referendum on a bailout proposal, triggering an end to negotiations with creditors and a shutdown of the nation’s financial system.

Greek Prime Minister Alexis Tsipras unexpectedly called for a vote on July 5 where Greeks will express their opinion on the austerity demanded by creditors. The current bailout package expires Tuesday, with a $ 1.7 billion debt payment due to the International Monetary Fund.

Source: Bloomberg

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