U.S. Stocks Rally After Greece Reaches Agreement With Creditors

U.S. stocks rose, with the Standard & Poor’s 500 Index posting its best three-day rally this year, after Greece reached an agreement with its creditors.

The S&P 500 added 1.1 percent to 2,099.52 at 4 p.m. in New York, closing near its average price during the past 50 days after the gauge earlier surged above its 100-day moving average for the first time this month.

Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($ 95 billion) of aid he needs to keep his country in the euro area. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs.

Source : Bloomberg

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U.S. Stocks Rises After Greece Reaches Agreement With Creditors

U.S. stocks advanced, with equities posting their best three-day rally since March, after Greece reached an agreement with its creditors.

Consumer and technology shares rose the most, with Netflix Inc. and Amazon.com Inc. surging more than 2.3 percent. Microsoft Corp. and Facebook Inc. gained at least 1.9 percent. MarkWest Energy Partners LP jumped 11 percent as the pipeline unit of refiner Marathon Petroleum Corp. plans to buy the second-biggest U.S. processor of natural gas for about $ 15.8 billion. Marathon rose 9.1 percent to a record.

The Standard & Poor’s 500 Index added 0.9 percent to 2,095.75 at 11:54 a.m. in New York, near its average price during the past 100 days. The Dow Jones Industrial Average climbed 191.31 points, or 1.1 percent, to 17,951.72. The Nasdaq Composite Index gained 1.3 percent after its biggest jump since January.

Source : Bloomberg

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