Stocks climb on Greek deal hope
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.