الخميس , مايو 20 2021

Greece hopes give boost to US markets

NYSE traders

(Close): Wall Street closed up, buoyed by fresh hopes that Greece will agree a new bailout deal with its creditors.

The Dow Jones gained 211.79 points, or 1.21%, to 17,760.4. The SP 500 rose 25.31 points – 1.23% – to 2,074. The Nasdaq added 75.30, 1.53%, to 4,997.7.

But the markets finished down on session highs after Federal Reserve chief Janet Yellen said interest rates may rise this year.

Airlines gained, with American Airlines up 3.88% and Delta Air Lines up 4.71%.

Greece made substantial concessions in its latest proposal to lenders, including new tax rises, in return for $59bn to help cover debts until 2018.

Eurozone finance ministers are meeting on Saturday to discuss a third bailout for Athens.

That spurred banking stocks, with JP Morgan Chase gaining 1.42% and Citigroup rising 1.58%. Another financial stock, Visa, rose 2.4%.

“Investors are betting that a Greek deal will be struck by this Sunday, and that reduction of risk is boosting stocks today. The removal of the risk of an exogenous shock means better market psychology,” said Jim McDonald, chief investment strategist at Northern Trust in Chicago.

Apple rose 2.7%, breaking a five-day losing streak.

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