US Stocks Advance on Higher Oil Prices, Greek Deal Hopes

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US Stocks Advance on Higher Oil Prices, Greek Deal Hopes

US stocks rose as the S&P 500 index extended a late rally from the past session, fueled by the hopes on the Greek deal and the higher prices of oil.

Stocks had climbed on Monday on signs that Greece was softening its approach to debt negotiations.

Reuters reported that the Dow Jones Industrial Average climbed 0.83% or 144.59 points to 17,505.63 while the S&P 500 gained 0.5% or 10.06 points to 2,030.91. The Nasdaq Composite Index gained 0.07% or 3.44 points to 4,680.13.

The gain in oil prices added more support to US equities.

The S&P 500 is up around 2% in the last two sessions after having suffered its largest monthly drop in a year in January.

Joe Saluzzi, co-manager of trading at Themis Trading said, “Right now we are certainly in a bipolar market, it depends on the day. Bottom line, the market picks something to trade on right now it is certainly Europe and it is certainly oil.”

Office Depot shares rose 18.3% to $9.03 after a report that the company was in talks with Staples Inc. for a merger. Shares of Staples rose 9% to $18.69

Stratasys shares dropped 30.9% to $55.35 after the 3D printer maker cut its 2014 adjusted profit estimates the second time.

The New York Times reports that Shanghai Composite Index rose 2.4%. The Nikkei Index of Japan dropped 1.3% and the South Korea Kospi was flat. The Hang Seng of Hong Kong climbed 0.3%.

The euro climbed 1% to $1.14454 while the dollar climbed 0.1% to 117.58 yen.

The prices of the US government dropped bond dropped. The yield on the 10-year Treasury note climbed 1.75% from 1.67%.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com