U.S. stocks advanced, after falling for the third time in four sessions, as banks and insurers rose with Treasury yields and investors speculated Greece will reach a deal with its creditors.
The Standard & Poor’s 500 Index added 0.2 percent to 2,114.26 at 4 p.m. in New York, and intraday came within 0.5 percent of its all-time closing high set last month.
Investors are speculating that Greece will reach a deal with European leaders and the International Monetary Fund before payment deadlines due this month. Prime Minister Alexis Tsipras will hear details of a final proposal from creditors when he meets European Commission President Jean-Claude Juncker in Brussels on Wednesday.
Investors are also assessing economic reports for clues on when the Federal Reserve will raise interest rates. The economy expanded in the past two months, even as manufacturers in some regions took a hit from a stronger dollar and a slowdown in energy-related investment, the Fed’s Beige Book report showed today. Economists project the first Fed rate increase will come in September.
Source : Bloomberg