Stocks move on from Greek im­passe

The Washington Post Sunday - - MARKETS -

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.

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