U.S. stocks rebounded from the biggest drop in a year as Greece made last ditch attempts to secure financing before bailout funding ends. European equities fell with the euro amid the 11th-hour wrangling, while Treasuries capped the first quarterly retreat since 2013.
The Standard & Poor’s 500 Index rose 0.3 percent at 4 p.m. in New York. It trimmed the advance in the final minutes of trading to erase a gains for the quarter and is off to its worst start to a year since 2010. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1146, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury rose three basis points after tumbling 15 basis points Monday.
Greece has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires. The government asked for a two-year bailout program from the European Stability Mechanism, sought an extension from the IMF and asked the European Central Bank to extend emerging financing. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum.
Source : Bloomberg