US stocks gain for third day
June 30th, 2011 - 4:32 am ICT by IANSNew York, June 30 (IANS) US stocks extended gains for the third straight day Wednesday after the Greek parliament passed a five-year austerity plan, paving the way for a new round of bailout fund from the European Union and the International Monetary Fund, Xinhua reported.
Wednesday’s vote in the Greek parliament was the first step for the final passage of the austerity plan and will be followed by another round of voting Thursday.
As confidence is restored in the market, investors shifted more money out of safe-haven bonds and into other, higher- yielding assets such as stocks and commodities, which is believed to drive stocks higher in recent three sessions.
Meanwhile, Bank of America announced plans to set aside $14 billion to pay investors who purchased securities it assembled from mortgages.
Shares of Bank of America jumped more than three percent, the best performer among the 30 Dow components.
The Dow Jones industrial average gained 72.73 points, or 0.60 percent, to 12,261.42. The Standard & Poor’s 500 was up 10.74 points, or 0.83 percent, to 1,307.41. The Nasdaq Composite Index rose 11.18 points, or 0.41 percent, to 2,740.49.
- US stocks up for second day on Greece hope - Jun 29, 2011
- Wall Street tumbles on European concerns - Sep 29, 2011
- US stocks edge higher on Greece hopes (Lead) - Feb 09, 2012
- Sensex extends rally to five days (Roundup) - Jun 30, 2011
- US stocks edge higher amid Greek hope (Lead) - Feb 10, 2012
- US stocks continue rally on strong manufacturing data - Jul 01, 2011
- US stocks drop on Greece worries - Feb 11, 2012
- US stocks extend losses as relief over debt deal faded - Aug 02, 2011
- Sensex closes 370 points lower, capital goods lose (Roundup) - Jan 30, 2012
- US stocks rise higher on European hopes - Dec 06, 2011
- US stocks little changed after Greece deal - Feb 10, 2012
- US stocks turn into positive territory - Nov 12, 2011
- Sensex up 75 points, investors take a breather (Roundup) - Feb 14, 2012
- Sensex closes flat, broader markets end in red (Roundup) - Jun 22, 2011
- Sensex takes a breather after three-day rally (Second Lead) - Jun 28, 2011
Tags: austerity, bailout, bank of america, bonds, dow components, dow jones, dow jones industrial, dow jones industrial average, european union, greek parliament, international monetary fund, market investors, nasdaq composite index, parliament, paving the way, s 500, safe haven, stocks and commodities, third day, xinhua