Stocks move on from Greek impasse
It was back to basics for the U.S. stock market, with investors celebrating by giving the Nasdaq composite index its best week since October. Volatility tumbled as a Greek bailout agreement eased fears that the nation would exit from the euro and a rout in Chinese equities leveled off.
“It’s the first weekend we’re going into in a while not worrying about some political event overseas,” said Anwiti Bahuguna of Columbia Threadneedle Investments. “People can go back to focusing on what is very critical for us, which is earnings for U.S. companies and economic data.”
The Nasdaq composite jumped 4.3 percent to a record, while the Nasdaq 100 Index surged 5.5 percent to a 15-year high. The Standard & Poor’s 500-stock index gained 2.4 percent for its best week since March, while the Dow Jones industrial average added 1.8 percent to top 18,000 points.
The equity gains halted a three-week slump amid uncertainty over whether Greece’s crisis would spread to other European nations and if China’s equities rout would hurt global growth at thesametime the Federal Reserve is weighing higher interest rates.
The Treasury will sell $24 billion in threemonth bills and $24 billion in six-month bills Monday. They yielded 0.02 percent and 0.12 percent in when-issued trading. It will sell four-week bills Tuesday and $15 billion in inflation-protected securities Wednesday.