U.S. stocks rose, following two days of losses, as Coca-Cola Co. and General Motors Co. rallied while investors watched for progress on debt negotiations with Greece.
Coke gained 2.9 percent as profit benefited from cost-cutting efforts and a shift toward higher-priced drinks. GM rose 3 percent as a member of President Barack Obama™s team that restructured GM intends to propose an $8 billion stock buyback. Energy shares slipped 0.6 percent for the worst performance among 10 groups in the Standard & Poor™s 500 Index.
The S&P 500 climbed 0.7 percent to 2,061.46 at 12:25 p.m. in New York. The Dow Jones Industrial Average added 101.95 points, or 0.6 percent, to 17,831.16. Trading in S&P 500 companies was in line with the 30-day average.
Equities rose early in the day as speculation grew that Greece will reach an agreement at a Feb. 11 emergency meeting of euro-area finance ministers in Brussels. U.S. and European stocks briefly pared gains after German Financial Minister Wolfgang Schaeuble said reports that Greece would get six months to work out a debt deal are œwrong.
Source : Bloomberg