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US stocks surge on Greek debt deal hopes, energy tumbles

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The US stocks posted a modest increase on Tuesday on Coca-Cola earnings and hopes over a probable deal in Greek debt negotiations, but a decline in the energy shares contributed to limit the advance.

The S&P 500 surged 0.36 percent or 7.45 points to 2,054.19, while the Dow Jones industrial average surged 0.26 percent or 45.85 points to 17,775.06. On the other hand, the Nasdaq Composite gained 0.52 percent or 24.66 points to 4,750.67.

The shares of Coca-Cola Co jumped 3.2 percent to USD 42.53 to contribute in lifting both S&P 500 and Dow. The company reported a better-than-expected sales as well as profit in its biggest market, North America, which rose for the first time in the four quarters to balance the impact of a strong dollar on its overseas business.

The first drop in the prices of oil in the continuous four sessions reflected on the energy stocks as the S&P energy index fell 1.3 percent, turning as the worst performer of the 10 major S&P sectors.

The US crude CLc1 fell 3.4 percent to USD 51.04, while Brent LCOc1 tumbled 1.8 percent to USD 57.30 after the International Energy Agency (IAE) cautioned against more selloffs in the near term amid the continuous rise in stockpiles.

Aeropostale increased 14 percent to USD 3.01 as the apparel retailer chain witnessed better-than-expected sales during the holiday season and encouraged its outlook during the fourth-quarter.

The US wholesale inventories hardly surged in December, the latest indication that the growth in fourth-quarter could be revised at lower level.

The declining issues outnumbered the advancing ones at the New York Stock Exchange by 1,718 to 1,193, for a 1.44: 1 ratio. On the other hand, 1,311 issues dropped and 1,261 advanced on the Nasdaq, for a 1.04:1 ratio.

The S&P 500 recorded 18 new 52-week highs and just two new lows, while the Nasdaq Composite posted 28 new highs and 26 new lows.

 

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Filed Under: Financial News Tagged With: Dow Jones Industrial Average, energy shares, Greek debt deal hopes, Nasdaq Composite, Oil price, S&P 500, US stocks, Wall Street

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