Stocks climb on Greek deal hope

Los Angeles Times - - COMPANY TOWN - As­so­ci­ated press

Stocks edged higher Tues­day as in­vestors waited for a deal be­tween Greece and its cred­i­tors. Greece faces de­fault­ing on its debt with­out new loans, but ap­peared to be mov­ing closer to an agree­ment to se­cure new fund­ing.

The Dow Jones in­dus­trial av­er­age rose 24.29 points, or 0.1%, to 18,144.07. The Stan­dard & Poor’s 500 in­dex added 1.35 point, or 0.1%, to 2,124.20 and the Nas­daq com­pos­ite gained 6.12 points, or 0.1%, to 5,160.09.

Pre­paid debit card com­pany Green Dot was among the big­gest gain­ers. Its stock soared 40% af­ter the com­pany an­nounced that it had re­newed its part­ner­ship with Wal- Mart for f ive more years.

Netf lix climbed in ex­tended trad­ing af­ter the com­pany an­nounced that its board had ap­proved a plan to split its stock.

Stocks added to gains from Mon­day, as re­ports from Europe sug­gested that Greece’s pro­pos­als for bud­get sav­ings ap­peared to have won ini­tial ap­proval from the na­tion’s cred­i­tors. Euro­pean f inance min­is­ters are sched­uled to meet Wed­nes­day.

In the U. S., in­vestors also re­main fo­cused on when the Fed­eral Re­serve might in­crease its key in­ter­est rate for the f irst time in nearly a decade.

Fed Gov. Jerome Pow­ell said he ex­pects the U. S. cen- tral bank to be­gin rais­ing its bench­mark in­ter­est rate in Septem­ber, with a sec­ond rate rise com­ing in De­cem­ber

U. S. gov­ern­ment bond prices fell again Tues­day, push­ing the yield on the 10year Trea­sury note up to 2.41%.

Trea­suries have been fall­ing sharply in re­cent weeks as in­vestors an­tic­i­pate that the Fed will raise in­ter­est rates. At the be­gin­ning of June, the 10- year note was trad­ing at 2.18%.

Netf lix stock soared $ 21.61, or 3.2%, to $ 702.80 in trad­ing af­ter the close of the mar­ket. The In­ter­net video com­pany an­nounced that its board had ap­proved a stock split, mak­ing the shares more af­ford­able. Netf lix stock­hold­ers will get six ad­di­tional shares for ev­ery share that they own.

In the energy mar­kets, the price of oil rose Tues­day on ex­pec­ta­tions that ga­so­line de­mand is ris­ing, which would in turn boost de­mand for crude.

Bench­mark U. S. crude for Au­gust de­liv­ery rose 63 cents to close at $ 61.01 a bar­rel in New York. The con­tract for U. S. crude for July de­liv­ery ex­pired Mon­day at $ 59.68. Brent crude, a bench­mark for in­ter­na­tional oils used by many U. S. re­finer­ies, rose $ 1.11 to close at $ 64.45 in Lon­don.

In met­als trad­ing, gold fell $ 7.50 to $ 1,176.60 an ounce. Sil­ver slipped 41 cents to $ 15.74 an ounce and cop­per dropped 4.6 cents to $ 2.61 a pound.

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