Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
Stocks Up After European Market Gains  07/01 09:31

   U.S. stocks opened higher Wednesday on hopes that a deal between Greece and 
its creditors could be cobbled together to prevent a Greek exit from the euro. 
Stocks in Europe rose sharply. In deal news, Chubb Corp. surged after agreeing 
to be acquired by rival insurance company Ace Ltd.

   NEW YORK (AP) -- U.S. stocks opened higher Wednesday on hopes that a deal 
between Greece and its creditors could be cobbled together to prevent a Greek 
exit from the euro. Stocks in Europe rose sharply. In deal news, Chubb Corp. 
surged after agreeing to be acquired by rival insurance company Ace Ltd.

   KEEPING SCORE: The Standard & Poor's 500 index rose 17 points, or 0.9 
percent, to 2,080, as of 10:08 a.m. Eastern. The Dow Jones industrial average 
climbed 169 points, or 1 percent, to 17,786. The Nasdaq composite gained 44 
points, or 0.9 percent, 5,031.

   GREEK DEBT CRISIS: Hopes that Greece could reach a deal with its creditors 
were raised after Greek Prime Minister Alexis Tsipras wrote a letter to the 
nation's creditors and appeared to make concessions. Finance ministers from the 
19-country eurozone are due to hold a teleconference over the new proposals. 
Stocks rose despite Greece's failure Tuesday to make a 1.6 billion-euro ($1.8 
billion) debt payment due to the International Monetary Fund.

   EUROPEAN STOCKS: The CAC-40 in France rose 2.6 percent. Germany's DAX 
climbed 2.8 percent and the U.K.'s FTSE 100 index of leading European shares 
was 1.6 percent higher.

   DEAL NEWS: Chubb jumped $31, or 32 percent, to $126.19 after rival insurer 
Ace said it was buying the company in a cash-and-stock deal valued at about 
$28.3 billion that will boost its international presence. The combined company 
plans to use the Chubb name and will have its main offices in Zurich, 
Switzerland, where Ace is based. The news pushed up the prices of other 
insurance companies.

   NOT JUST GREECE: While much of the focus in financial markets is on Greece, 
there's a raft of U.S. economic data to come this week, notably on Thursday 
when the monthly nonfarm payrolls report is published. The data can often set 
the market tone for a week or two, especially at a time when the U.S. Federal 
Reserve is mulling when to start raising interest rates.

   U.S. businesses added jobs at a robust pace in June, a private survey showed 
on Wednesday. Payroll processor ADP said Wednesday that businesses added 
237,000 jobs last month, up from 203,000 in May. That is the most since 
December, according to the ADP's tally.

   ENERGY: Benchmark U.S. crude fell $1.25 to $58.21 per barrel on the New York 
Mercantile Exchange. Brent crude, used to price international oils, fell 89 
cents to $62.71 a barrel in London.

   CURRENCIES AND BONDS: The euro fell 0.2 percent to $1.1067 while the dollar 
rose 0.6 percent to 123.10 yen. Bond prices fell, pushing the yield on the 
benchmark 10-year Treasury note up to 2.43 percent from 2.35 percent on Tuesday.


(KA)


 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN