Markets gain again as Greece nears deal
A trader works on the floor of the New York Stock Exchange in Manhattan. The Dow Jones industrial average had lost 204 points at the time of market closing Wednesday. (March 6, 2012) Credit: Getty Images
The stock market posted substantial gains Thursday as Greece closed in on a deal to restructure its debt and avoid a default. That overshadowed a small increase in unemployment claims last week.
The Dow Jones industrial average closed up 70.61 points, or 0.55 percent, at 12,907.94. Two days of solid gains have erased about three-quarters of the loss from Tuesday, when the Dow fell 203 points, its biggest loss of the year.
The close left the Dow up 97 percent on the eve of the third anniversary of its low point during the Great Recession. Last week, the Dow closed above 13,000 for the first time since May 2008. The Standard & Poor's 500 index has more than doubled in three years.
Thursday, the S&P 500 added 13.28 points, or .98 percent, to 1,365.91. It has regained all of its loss from Tuesday.
A Greek official told The Associated Press that more than 75 percent of investors in Greek bonds had agreed to exchange them for bonds with a lower face value and interest rate. Greece needs 90 percent of investors to participate to get a $173 billion bailout.
The rally came despite a report from the Labor Department that the number of people seeking unemployment benefits rose slightly last week; the four-week average remained near a four-year low.
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