Greek Economy Minister Giorgios Stathakis said the nation's latest proposals were well-received by lenders
The Dow Jones Industrial Average (DJIA) ended on a triple-digit gain -- and the Nasdaq Composite (COMP) reached its highest mark in history -- amid renewed hopes of a Greek debt resolution. In fact, Greek Economy Minister Giorgios Stathakis said the country's international creditors "have accepted that the new proposals of the Greek government is a proper framework on which to work." Specifically, the proposed reforms include higher taxes on businesses and the wealthy, but pensions and wages would remain intact. On the home front, existing home sales came in above estimates.
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The Dow Jones Industrial Average (DJIA - 18,119.78) spent the entire session in the black, and closed on a gain of 103.8 points, or 0.6%. Twenty-six of the Dow's 30 components settled above breakeven, led by Goldman Sachs Group Inc's (NYSE:GS) 1.6% pop. Cisco Systems, Inc. (NASDAQ:CSCO) paced the four blue-chip losers, giving back 0.3%.
The
S&P 500 Index (SPX - 2,122.85) muscled 12.9 points, or 0.6%, higher. Meanwhile, in addition to reaching a record intraday peak of 5,162.13, the
Nasdaq Composite (COMP - 5,153.97) posted its highest close ever, tacking on 37 points, or 0.7%.
The
CBOE Volatility Index (VIX - 12.74) retreated 1.2 points, or 8.7%, to land at its lowest perch since May 22.
5 Items on Our Radar Today:
- Existing home sales jumped 5.1% in May to a seasonally adjusted annualized rate of 5.35 million, according to the National Association of Realtors, marking the fastest pace in nearly six years. The results topped the Street's expectations, with help from a growing first-time-homebuyer base. (USA Today)
- In its search for a new CEO, TWTR said it will only entertain full-time candidates -- ruling out interim CEO and founder Jack Dorsey, who heads up mobile payments start-up Square. "In our next CEO, we are looking for a bold thinker and proven leader capable of helping Twitter fully capitalize on its unique platform for the benefit of users, advertisers and employees, and to maximize value for investors in the years ahead," said Peter Currie, who leads TWTR's search committee. (USA Today)
- The news that lifted this pair of biotechs -- and could have short sellers on edge.
- Traders anticipate end-of-week gains for Delta Air Lines, Inc. (NYSE:DAL) and Yahoo! Inc. (NASDAQ:YHOO).
- Netflix, Inc. (NASDAQ:NFLX) shares rallied to a record close after receiving their most ambitious price target yet.
Commodities:
Crude staged a late-day reversal to end higher, overcoming earlier fears that U.S. gasoline demand may wane. By the close, August-dated futures were up 41 cents, or 0.7%, at $60.38 per barrel.
Gold futures struggled as global markets rallied on a potential breakthrough in talks between Greece and its creditors, which weighed on safe-haven demand. By day's end, August-dated gold had given back $17.80, or 1.5%, to settle at $1,184.10 per ounce.