Stocks rise on progress in Greece
Stocks advanced Tuesday, sending the Dow Jones industrial average to its highest level since May 2008, as Greece made progress on measures to secure international aid.
Seven out of 10 groups in the Standard & Poor's 500 Index gained. The S&P 500 rose 0.2 percent to 1,347.05, wiping out an earlier decline of as much as 0.6 percent. The Dow advanced 33.07 points, or 0.3 percent, to 12,878.20.
"We need to see some real austerity from Greece," Hank Smith, chief investment officer at Haverford Trust in Radnor, Pa., said in a telephone interview. "When we see that, we will have more confidence that Europe is serious about growth. I have confidence that we'll get some sort of resolution that allows for additional funding."
Greek Prime Minister Lucas Papademos postponed until Wednesday a meeting with heads of the political parties supporting his caretaker government a second time in as many days as the government and international creditors haggled over terms to secure a second aid package.
Yesterday's gain put the S&P 500 about 1.2 percent away from its peak nine months ago, which would send it to the highest level since June 2008.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
