“U.S. stocks advanced, with the Standard & Poor’s 500 Index posting its best three-day rally since March, after Greece reached an agreement with its creditors,” Oliver Renick reports for Bloomberg.
“Consumer and technology shares rose the most, with Netflix Inc. and Amazon.com Inc. surging more than 2.8 percent,” Renick reports. “The S&P 500 added 0.9 percent to 2,094.57 at 1:49 p.m. in New York, near its average price during the past 100 days. The Dow Jones Industrial Average climbed 177.25 points, or 1 percent, to 17,937.66. The Nasdaq Composite Index gained 1.3 percent after its biggest jump since January.”
“Apple Inc. climbed 1.9 percent, while Google Inc. and Yahoo! Inc. rallied at least 2 percent to help pace technology’s rise. International Business Machines Corp. added 1.4 percent and had its best three-day increase since April,” Renick reports. “Greek Prime Minister Alexis Tsipras surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid he needs to keep his country in the euro area. The Greek parliament has until Wednesday to pass into law key creditor demands including streamlining value-added taxes, broadening the tax base to increase revenue and curbing pension costs.”
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