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Wall St powers ahead on EU support for Greece
Malaysia News.Net
Tuesday 9th February, 2010
European Union leaders will meet Thursday to discuss Greece's proposals to address its deficits and debt, amid speculation the EU will provide aid to the struggling nation.
U.S. and indeed global stocks have been weakening sharply in recent weeks over fears of a potential debt default by Greece, and other European nations.
Thursday's meeting is a sign the EU is taking seriously the possibilities of a default and is prepared to addres the wider ramifications such an event would have on the global financial system.
U.S. stocks were sharply higher Tuesday on speculation the EU would provide Greece with a safety net. The euro was also indemand, which dragged other currencies higher as well.
“Stocks will continue grinding higher,” John Carey, a Boston-based money manager at Pioneer Investment Management, which oversees more than $200 billion, told Bloomberg. “The business environment is very encouraging. Earnings are decent and demand is coming back. We do seem to be experiencing economic recovery. There’s some speculation Greece is going to be helped out in some way. That also helps.”
At the close of trading Tuesday the Dow Jones Industrials were up 150.25 points or 1.52% at 10,058.64.
The Nasdaq Composite was ahead 24.82 points or 1.17% at 2,150.87.
The Standard and Poor's 500 was up 13.78 points or 1.30% at 1,070.52.
The euro jumped more than a cent on foreign exchange markets to 1.3788, around the New York close Tuesday.
The British inched up to 1.5713, while the Swiss franc firmed to 1.0642. The Australian dollar rallied more than a cent to .8789. The Canadian dollar picked up to 1.0670. The Japanese yen was little changed at 89.80.  Email this story to a friend
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