Mon, May 28, 2012, 6:45 PM EDT - U.S. Markets closed for Memorial Day

Stocks close higher after debt deal in Greece

Stocks pop after Greek deal but fall back

NEW YORK (AP) -- The stock market finally got a deal from Greece, but it didn't produce much of a rally.

The Dow Jones industrial average is finishing six points higher at 12,890. The Standard & Poor's 500 is closing up two at 1,352. The Nasdaq composite ends the day up 11 at 2,927.

Greece says it has agreed to cut spending to satisfy some of its lenders. That's a key condition for Greece to avoid a default next month that could spook world financial markets.

Earlier Thursday, the Dow rose to within 75 points of 13,000, a milestone it hasn't reached since 2008. The S&P's gain took it within about a point of doubling its level on March 9, 2009, the low for stocks during the Great Recession.

 

27 comments

  • Oracle  •  San Francisco, California  •  3 months ago
    This market is way over bought. Do any of you guys believe in this rally? It's all that fake money we are printing. The country will pay for this rally with inflation and, debt, and an f u to seniors that are getting no interest on their savings. This country is rigged for the rich and connected.
    • P M K 3 months ago
      The truly dissatisfied can get Petitions for Referendums on the Ballot to reel in the POLS. Only then will things get better for the lower classes. WE can start with Age/70yrs, Term/2terms alternating every 1 out, and Campaign Finance/(Encumbents run on their records with only $3mil/spending) Limits. And then WE Reduce Their Benefits like--No Full- Salary Retirements and Pro-Rata Pensions based on Full Terms Served. Are you aware that anyone serving any time as a Senator or Congressman or in the Cabinet gets Full-Salary Pensions which they can collect in their 50's? I think they will get the message that WE are Their bosses, not the other way around.
  • RETIRED CHE ENG  •  Elmhurst, Illinois  •  3 months ago
    It amazes me how uninformed people are about surplus and deficit trade. Germany and China
    ran trade surpluses for over 15 years and they still believe they can continue doing it. Like it is their born duty because of some superior intellect. When they run surpluses, deficit countries suffer high unemployment and large government deficits because of slower GDP.

    If this course is not reversed by lowering deficit countries monies, everyone suffers and becomes poor. Trade surplus countries suffer even more than trade deficit countries. Trade
    imbalances create structural economics imbalances if not addressed big depression.

    As PIIGS cannot pay back their debts, the wealth accumulated by Germany is useless because one cannot eat EURO for lunch. So thank ,Germany for creating the crises and thank PIIGS for assisting all Europeans becoming poor.
    • A Yahoo! User 3 months ago
      So is Milton Friedman wrong and we are in deep doo doo over our trade deficit here in the US with China because it doesn't balance itself out over time? Just askin'....
    • RETIRED CHE ENG 3 months ago
      Well we will have a very slow growth for a while and maybe second dip if we cut over 1.2 trillion in 2013. The Fed is ready with q3 easing or lowering $ vs Renmimbi.
      If China lowers its currency then we will have a bigger problem. We cannot continue absorbing their trade surpluses because both of us will go into deep depression. Trade has to be balanced over time. We had a long trade surplus in 1920
      with Europe and look where it got us. Currency devaluations wars by major powers will create world wide recession or even wars.

      But on a bright side we are getting serious with China. China has an older population problem which will require buying from us foods and drugs. We can grow
      because we can debase our currency. Greeks do not have that option.
    • RETIRED CHE ENG 3 months ago
      Under normal situation country running surplus has it currency appreciate. But Germany because of it weaker neighbors kept euro very low. So did China by pegging it to the dollar. ie. the people of China are subsiding their companies by providing infrastructure and low interest loans way below inflation. So consumers pay for export. Same happened in Germany, great free infrastructure ,no increase in wages ,educated workforce,large savings, and very low consumption. The negative of surplus is decreasing consumption by populace .So they depend on exports.
  • Bermonkey  •  3 months ago
    Germany is yelling get me off this crazy merry go round. Who is not sick to death of Greece begging at the doorstep?
  • Art  •  3 months ago
    They have an agreement until tomorrow morning when the Greek union goons start demonstrating.
    • Adam 3 months ago
      yes Art those goons should not be able to feed their families how dare they ask for decent wages for their backbreaking work.
  • me  •  Richardson, Texas  •  3 months ago
    Gas at $4 market about to tank again. These wall street crooks are about as low as they come and we let them do it by electing a #$%$ in to office.
  • R.T.  •  3 months ago
    You have a lot of heads to chop, but that will never get done. Just buried over in another
    pile of new debt.
  • J Man  •  Saginaw, Michigan  •  3 months ago
    I have gotten to the point that I don't even believe the reported Dow average. I think its all fabricated.
  • masa  •  3 months ago
    Buy on rumors and sell on news. This is how the hedge funds catch the suckers.
  • Gary  •  Allentown, Pennsylvania  •  3 months ago
    Well, very soon you will forget about Greece because we will all be getting greased by the oil companies as the prices continue to rise and probably inch toward the 4 buck mark by summer. The market will focus on this shortley....mark my words...along with the fight over the extended tax cuts and how these two events would kill any economy growth. Round and round we go. Who can't see this one coming????
  • H  •  3 months ago
    You mean the first "loan forgiveness" program didn't tell you?!

    Also, this Greece deal has been ongoing since November and it was rallying on hopes. When there's a deal it doesn't rally like it did these few months, there's going to be something hitting the fan soon.
  • Screwed Again  •  Augusta, Georgia  •  3 months ago
    "Beware of Greeks bearing gifts" ( has been in existence since just after the Trojan wars, Big horses....., you get it!) And as such the Greeks give big, but it is always a hollow Gift. What is inside this "given gift" of stability to the world bond markets, will be in the details and who gets elected in April in Athens.
  • Joseph  •  New York, New York  •  3 months ago
    NEW YORK (AP) -- "The stock market finally got a deal in Greece, but it didn't produce much of a rally... "This is what I've been saying all along in my comments. Almost everyday for the past year you've attributed the up or down of the market to the Greece crisis and I've commented numerous times that it sounds like #$%$ after the fact and indicated that something like today is what you'd do when the market doesn't follow Greece and seemingly nothing else is operative. You use phrases like "the market shrugged off," or the like as if the market were a person. Enough of the #$%$ already. If the market shot up over 100 pts.today, I'd bet you'd be quick to attribute it to the Greek deal, right?
  • Step  •  Moscow, Idaho  •  3 months ago
    Elections in March and April- fat lady yet to sing.
  • belovedofgod  •  Berea, Ohio  •  3 months ago
    We have had deals with Greece before and the Greeks have always failed to meet the terms of the deal. This led to the creditors having to forego profits and effectively rendering the rating of sovereign debt as a meaningless exercise. The evidence is that the Greeks will not follow through. Clearly they are saying anything that the EU wants to hear so they can get the money. They are not making structural changes, they are only saying that they will cut pensions and payrolls but this will not be enough. The EU is being played as suckers and this will lead to a collapse of the banks in Europe and it will spread to the US.
  • Iamtheman  •  San Diego, California  •  3 months ago
    Everyone was smiling as they talked about a trillion dollar loan bailout.
    Relax there is nothing to see here
  • Honest John  •  3 months ago
    Markets can't move,ck out the Baltic Dry Index.That'd be one very good reason why,among a host of others
    • A Yahoo! User 3 months ago
      good grief! Bloomberg says it's off 60% for the year.
  • God  •  3 months ago
    Spain or Portugal next, take your pick.
    • MRD 3 months ago
      Ireland
  • Timmy  •  New York, New York  •  3 months ago
    it didn't make a dif because if greece defaults it affects only germany and the imf. f those guys!
  • Hottie  •  Twinsburg, Ohio  •  3 months ago
    whoo-hoo
  • stuck in a rut  •  3 months ago
    Remember ,,, History repeats itself, there have been numerous stocks that are tanking big time, profits are not as good as they used to be, more bankruptcies, though the jobs number seemed good at first (230,000? ) the overall picture of employment was down over 1 million ( unseasoned ) yet no one mentioned that in the media did they?, prices are going higher while the FED says there is essentially no inflation, yeah right, only if you eliminate everything going higher, the airlines coming out of bankruptcy is looking to cut employee pay by 20%, US debt at all time high ( coincident with the market near all time highs )
    These are all precursors of Depression / Deflation.
 
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