Error in deserializing body of reply message for operation 'Translate'. The maximum string content length quota (8192) has been exceeded while reading XML data. This quota may be increased by changing the MaxStringContentLength property on the XmlDictionaryReaderQuotas object used when creating the XML reader. Line 1, position 9127.
Error in deserializing body of reply message for operation 'Translate'. The maximum string content length quota (8192) has been exceeded while reading XML data. This quota may be increased by changing the MaxStringContentLength property on the XmlDictionaryReaderQuotas object used when creating the XML reader. Line 1, position 9223.
US Markets
U.S. stocks closed sharply higher Tuesday, notching a fourth-straight day of gains, as investors bet Greece will take the appropriate actions toward averting a sovereign debt default. The Dow Jones Industrial Average closed up 109.63 points, or 0.91%, at 12190.01. The Standard & Poor's 500-stock index gained 17.16 points, or 1.34%, to 1295.52. Both indexes have risen over four consecutive days and six out of the last seven.
[Sign up to get reports daily in your inbox]
Economically sensitive sectors such as materials, tech and energy were among the biggest gainers. Consumer staples was the only sector trading in negative territory. The technology-heavy Nasdaq Composite rose 57.60 points, or 2.19%, to 2687.26. The rally suggests the market expects Greek Prime Minister George Papandreou will survive a crucial vote of confidence in parliament late Tuesday. Investors are closely watching how the Greek government attempts to drum up support for its economic overhauls aimed at tackling the country's financial problems. The confidence vote, comes just days after a mass protest over new government cutbacks shook Greece's political establishment. Greece is expected to get its next quarterly installment of bailout money as long as the country's parliament passes a contentious package of budget measures. European finance ministers also showed modest signs of progress toward a broader agreement for a bigger package of aid to Greece for coming years. Investors also await the conclusion of the Federal Reserve's two-day policy-setting meeting, which kicked off Tuesday. The central bank's policy statement and Chairman Ben Bernanke's news conference are slated for Wednesday. Greek optimism overshadowed U.S. housing data showing sales of existing homes fell last month to the lowest level in six months. Among stocks in focus, shares of Walgreen slumped 4.2% after the largest U.S. drugstore chain said negotiations to renew its contract to be part of the Express Scripts pharmacy provider network were unsuccessful. Best Buy authorized a new $5 billion stock-repurchase program and raised its quarterly dividend by 7%, prompting shares to rise or 2.7%.
European Markets
European stocks rose sharply Tuesday on hopes Greece's government will survive a crucial confidence vote, while Nokia got a lift after unveiling its latest smartphone and BP climbed after announcing a settlement with one of its Deepwater Horizon suppliers. The Stoxx Europe 600 index rose 1.4% to 269.59, the largest percentage increase since April 20, with the basic resources and oil sectors among the leading advancers. That dynamic was in play Tuesday, with investors seeking out bargains following a string in which the Stoxx Europe 600 index had fallen in 10 of the previous 15 sessions. The U.K.'s FTSE 100 rose 1.4% at 5775.31, though it still is down 3.6% for June. Germany's DAX climbed 1.9% to 7285.51, the highest close since May 31. France's CAC-40 surged 2% to 3877.07. In Athens, the Greek ASE Composite index rose 3.7% to 1275.47. Portugal's PSI 20 index rose 1.3% to 7199.65. Bank stocks were mostly higher on hopes Greece will be able to pass the necessary spending cuts and get its hands on the rest of the promised bailout funds. BNP Paribas rose 2.6% in Paris. Commerzbank rallied 4.9% in Frankfurt after Deutsche Bank analysts resumed coverage of the stock with a buy rating. The move for Commerzbank helped lift German stocks largely shrug off a bigger than expected decline in the ZEW indicator of German economic sentiment, which fell to minus 9.0 from a reading of 3.1 in May. Nokia jumped 3.9% after unveiling the N9 smartphone and said it expects to launch its first devices based on Microsoft's Windows Phone software this year. BP rallied 3.7% after the oil company agreed to settle any potential claims with equipment maker Weatherford International over the Deepwater Horizon disaster in return for a payment of $75 million.
Asian Markets
Shares gained across Asia Tuesday, with energy stocks rallying on an increase in crude prices. The Nikkei Stock Average ended the session up 1.1% at 9459.66, while South Korea's Kospi advanced 1.4% to 2048.17, the Hang Seng Index rose 1.2% to 21850.59, and the Shanghai Composite gained 1% to 2646.48. Energy companies rallied in Asia, as benchmark oil futures rose above $94 a barrel in Nymex electronic trading. PetroChina added 1.8% in Hong Kong and Inpex climbed 2.3% in Tokyo. Autos jumped in Tokyo, with Honda Motor up 1.1%, Nissan Motor rising 3.1% and Mazda Motor adding 2.5%. Toyota Motor underperformed the market slightly, gaining 0.9%. Among news helping the sector, Citigroup analysts raised their view of Japanese car makers to neutral from bearish Tuesday. Global apparel player Li & Fung Ltd. advanced 2.2% in Hong Kong. Hong Kong-listed real-estate stocks also took back some ground lost in the previous session, with Hang Lung Properties up 2.6%, Agile Property Holdings up 2.5% and Sino Land up 2.9%. However, China Construction Bank Corp. fell 2.3% in Hong Kong, after Bloomberg News reported that Bank of America Corp. may sell half of its $21 billion stake in the Chinese lender.
Base Metals
Base metals closed higher on the London Metal Exchange Tuesday, buoyed by a stronger euro as investors eye a pivotal confidence vote for the Greek government, which is attempting to solidify support for austerity measures in the debt-laden nation. LME three month copper finished the open outcry session at $9,080 a metric ton, up 0.9% from Monday's close. Crude oil futures prices ended modestly higher Tuesday ahead of a crucial vote in Greece that could steer the country out of its latest debt crisis. Gains were capped by worries over sluggish U.S. oil demand, which sent gasoline and heating oil prices down for a third straight day. Before a Greek bailout package can be put in place, the government of Prime Minister George Papandreou faces a confidence vote in parliament. If Papandreou is successful, the next hurdle would be parliamentary approval for an austerity program that would clear the way for further loans from the European Union and the International Monetary Fund. Light, sweet crude oil for July delivery, which expired at the settlement, went off the board at $93.40 a barrel, up 14 cents from a day earlier. August crude, the new front-month contract, settled 54 cents higher, at $94.17 a barrel. ICE August Brent crude settled down 74 cents, at $110.95 a barrel, the lowest price since May 23. The Brent premium to the Nymex contract was $17.55 a barrel, the lowest level since June 8 and compared with the record of $22.29 a barrel set last week. Gold futures locked in a six-day winning streak as Greece neared a crucial political milestone in the form of a confidence vote in parliament, and the dollar weakened. The most actively traded contract, for August delivery, gained $4.40, or 0.3%, to $1,546.40 a troy ounce on the Comex division of the New York Mercantile Exchange. That was the highest settlement price since June 6, when the most-active contract settled at $1,547.20. June-delivery gold ended up $4.50, or 0.3%, at $1,546.00 a troy ounce.
Join the discussion on Forex Traders Community on Facebook.
View the original article here
