US stocks rally, breaking a weeklong losing streak
Source: AP
By MATTHEW CRAFT
NEW YORK (AP) — Signs of progress in negotiations over Greece's debts helped set off a stock market rally Wednesday, snapping a weeklong slump. European markets also jumped as hopes built for a break in the impasse between Greece and its creditors over extending the country's bailout loans.
KEEPING SCORE: The Dow Jones industrial average was up 251 points, or 1.4 percent, to 18,015 as of 1 p.m. Eastern time. The gain erased the Dow's loss for the year. The Standard & Poor's 500 index rose 26 points, or 1.2 percent, to 2,106, while the Nasdaq composite gained 66 points, or 1.3 percent, to 5,079.
The rally was broad: All 30 stocks in the Dow and all 10 industry groups in the S&P 500 index made gains.
GREECE: Bloomberg reported that Germany's Chancellor, Angela Merkel, may be willing to release more money from Greece's bailout fund if the Greek government commits to at least one move to tighten its budget. Without a deal by the end of the month, Greece faces the prospect of going bankrupt and dropping the euro.
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