As reported by Rita Nazareth of bloomberg,U.S. stocks advanced, a day after the Standard & Poor’s 500 Index rallied to a seven-month high, as Greek political leaders struck a deal on a package of austerity measures needed to secure international rescue funds.
Visa Inc., the biggest payments network, rose 5 percent as profit topped projections. Akamai Technologies Inc., the operator of a server network that lets businesses speed data delivery, surged 10 percent as sales beat estimates. Groupon Inc., the daily-deal site that went public in November, tumbled 13 percent after reporting an unexpected tax-related loss.
The S&P 500 rose 0.3 percent to 1,353.60 as of 2:18 p.m. New York time. The Dow Jones Industrial Average advanced 25.81 points, or 0.2 percent, to 12,909.76.
“I’d expect a better performance for stocks,” Peter Jankovskis, who helps manage about $2.6 billion at Oakbrook Investments in Lisle, Illinois, said in a telephone interview.“The market is acting skittish. Maybe people want to see the final document. If the EU can show that they can deal with a small country with a big problem, then investors may be reassured that some of the larger countries with smaller problems can also be handled.”
Equities rallied around the world after Greece’s government reached a deal on austerity measures required for a 130 billion-euro ($173 billion) financing package, according to an e-mailed statement from the Greek Prime Minister’s press office. European Central Bank President Mario Draghi signaled the economic outlook has improved.