Wall Street rose on Monday, July 13th, as Greece and its creditors strike a deal to move forward with a third bailout loan to avert their financial crisis.
European stocks climbed on Monday after eurozone leaders announced a deal to provide a loan to keep Greece solvent. While the Athens stock market has been closed since June 26th, U.S.-listed Greek equity assets surged by over 10% in pre-market trade.
The S&P 500 climbed higher on the positive news from Europe, up 15.50 points or 0.74% to 2,084.25 at the beginning of the trading session. As of 9:35 a.m. E.T., all the U.S. indices were trading nearly one percent higher from the previous close.
Top Market News Today
Greece Finally Won a Bailout
Greece has finally won a conditional agreement to receive nearly $95.0 billion over the next three years. However, that will only happen if Greek Prime Minister Alexis Tsipras can implement a series of tough financial reforms.
Chinese Stock Markets Stabilize
Chinese financial markets appeared to have stabilized, following desperate attempts by regulators to calm investor sentiment. Over the past few weeks, the country’s stock market has plunged over 30%. Authorities accused securities firms of manipulating stock prices during China’s market plunge. The Chinese state media have blamed the market plunge on possible short-selling by foreign investors.
Interest Rate Hike Remains on the Table
On Friday, Federal Reserve Chair Janet Yellen said she expected the central bank to raise interest rates this year, while expressing some concern over the labor market. Policy makers have been monitoring the inflation and labor market in order to change their monetary policies.
Stocks to Watch
Apple Inc. (NASDAQ/AAPL)
Analysts at Canaccord Genuity upgraded the tech giant’s shares from “hold” to “buy,” citing optimism about the launch of new iPhone versions in the fall.
PepsiCo, Inc. (NYSE/PEP)
Pepsi was downgraded to “neutral” from “positive,” by analysts at Susquehanna, blaming the reduced possibility of a split-off or buyout bid.
Jarden Corp. (NYSE/JAH)
The consumer product maker is signaling to buy the Weddington Group, a privately-held maker of disposable tableware, for $1.35 billion.