U.S. stocks advanced, after Chinese equities rebounded the most since 2009 and the Greek government faced a deadline for an economic plan to secure a new bailout.
The Standard & Poor’s 500 Index climbed 0.2 percent to 2,051.27 at 4 p.m. in New York, after falling 1.7 percent to a four-month low yesterday.
The S&P 500 climbed as much as 1.4 percent today before giving up more than half its gains to trade near its average price during the past 200 days. Apple’s 1.9 percent slide weighed on the major indexes.
European stocks were little changed near correction levels as the region’s leaders set a Sunday deadline for Greece to accept a rescue package.
The Stoxx Europe 600 Index rose less than 0.1 percent to 372.79 at 8:07 a.m. in London. The gauge slid for a fourth day on Tuesday, taking its drop from an April record to 9.98 percent. Benchmark indexes of western-European markets including France, Spain and Italy entered corrections on Monday after Greek voters rejected austerity measures in a referendum.
European leaders at a Brussels summit yesterday ordered Greece to present economic proposals to get more aid or face expulsion from the euro. The Sunday deadline looms as the culmination of a five-year battle to contain Greece’s debts. The Greek stock market will remain closed on Wednesday.
Chancellor of the Exchequer George Osborne delivers the first budget of a Tory-majority government in almost two decades. At a presentation at 12:30 p.m. in London, he may press ahead with plans to slash a further 12 billion pounds ($ 19 billion) from welfare costs. The FTSE 100 Index rose 0.4 percent.
Source : Bloomberg