Mon, May 28, 2012, 8:44 PM EDT - U.S. Markets closed for Memorial Day

US stock futures higher after Greek bailout deal

US stock futures advance after Europe puts together deal for Greek bailout; Dow nears 13,000

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NEW YORK (AP) -- U.S. stock futures were higher Tuesday after Europe finally put together a bailout for Greece. Strong earnings reports from some key U.S. retailers also helped.

Dow Jones industrial average futures were up 36 points at 12,965. The Dow is within sight of 13,000, a level it hasn't crossed since May 2008, before the worst of the financial crisis.

Standard & Poor's 500 futures added 1.9 points at 1,361.60. Nasdaq composite index futures gained 2 points at 2,584.

The countries that use the euro stitched together a $170 billion bailout for Greece, which is struggling with crushing debt. The deal is designed to prevent a catastrophic Greek default, but Europe's long-term debt problems are far from over.

The Greek deal appeared to help temper oil prices, which remained above $104 per barrel Tuesday, a modest retreat from the highs it hit Monday.

European markets reacted cautiously to the deal. In London, the FTSE 100 index of leading British shares was up 0.68 percent at 5,945.25, after trading down earlier. The CAC-40 in France slid 0.5 percent, while Germany's DAX dropped 0.6 percent.

Earlier, Asian shares finished mixed as talks continued in Europe. Japan's Nikkei 225 index closed down 0.2 percent at 9,463.02 while Hong Kong's Hang Seng rose 0.3 percent to 21,478.72

In the U.S., strong earnings reports from several retailers could also help stocks Tuesday.

Home Depot Inc. posted a 32 percent jump in fourth-quarter net income, sending its shares up 3.2 percent ahead of the market opening. Macy's Inc. reported a 12 percent gain in the quarter, and its shares rose 3.7 percent in the premarket.

But Wal-Mart Stores Inc.'s shares fell 3 percent in premarket dealings after reporting a 15 percent profit decline for the fourth quarter. That included a rebound in its U.S. namesake business during the crucial holiday period, however.

 

2 comments

  • Affectionate  •  Pleasanton, California  •  3 months ago
    EU working class taxpayers bail out rich debt holders. EU must vote in a man like Ron Paul to stop the debt madness and banker run govt. Same here in the US. We are led by rich unscrupulous bankers that want debt, war profits and big govt to snuff out the working class and kill our currencies. Vote Ron Paul in the US and find a man or woman like him in the EU.
  • Jim  •  3 months ago
    Why is this "good news"? Greece is plainly incapable of paying back any loans (old or new) and will ultimately default so at best their promises just delay their bankruptcy. Stop the blatant lying and face the fact - Socialism has failed again and has no hope of ever working!.
 
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