U.S. stocks closed up on Tuesday at highs after encouraging reports out of Greece sent the S&P 500 to a record. “The market was never really all that afraid of Greece pulling out of the euro,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
He noted that the “safe haven trade is put to the sidelines,” with the 10-year note yield gaining several basis points to as high as 2.15 percent as stocks reached records. Greece intends to ask for an extension of its loan agreement with the euro zone on Wednesday, a source in Brussels said, distinguishing this from the country’s full bailout program.
Stocks turned positive in early afternoon trade on the news, after earlier trading along the flat line just below multi-year highs despite the lack of resolution on Monday in the Greece-euro zone standoff. The Dow Jones Industrial Average closed up 28.23 points, or 0.16 percent, to 18,047.58, with American Express leading gains and McDonald’s the greatest laggard.
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