Markets

Stocks edge higher on Greek hopes

U.S. stock futures are following overseas markets higher today amid optimism that the Greek crisis is finally nearing an end.

The Dow Jones Industrial Average rose about 0.3 percent, while the S&P 500 and Nasdaq registered smaller gains. German and French indexes both advanced by more than 1 percent after equally strong performances overnight in Japan and Hong Kong.

Bloomberg reported that European finance ministers are expected to approve a 130 billion euro bailout for Greece and a bond exchange at a meeting on Monday, citing three unidentified German officials briefed on the matter. Spanish and Italian bond yields also fell.

Japan continued to rally as the yen weakened and investors bet that a better U.S. economy will help exports.

The foreign-exchange market has painted a picture of broad risk-taking as money flows into the euro, the Canadian dollar, and the Australian dollar. The yen is down against the dollar and euro, while the Swiss franc has declined against the euro. Both are usually considered "safety trades."

Commodities reflect a similar sentiment, led by a 0.7 percent gain in copper. Crude oil and silver are up 0.5 percent as gold edges higher by one-third of 1 percent. Most agricultural foodstuffs are up as well.

In company-specific news, Gilead Sciences is plunging by 19 percent after announcing that its potential hepatitis C drug failed to suppress the disease in a key study. GILD had been hovering at a three-year high before the news came out.

Applied Materials is up almost 6 percent after reporting fiscal first-quarter profit of $0.18 a share, beating the $0.12 consensus forecast. Management cited strong demand for mobile chips, and guidance was better than expected.

Solar-energy stock SunPower is also climbing after its earnings and guidance surpassed analysts' expectations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Options