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U.S. stocks rise ahead of Greek deadline; Dow Jones up 0.57%

Published 03/08/2012, 09:47 AM
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Investing.com - U.S. stocks were higher on Thursday, as hopes for the signing off of a Greek debt swap deal before the end of the day overshadowed disappointing U.S. employment data.

During early U.S. trade, the Dow Jones Industrial Average added 0.57%, the S&P 500 index rose 0.79%, while the Nasdaq Composite index advanced 0.68%.

Official data showed earlier that the number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly to 362,000, easing off the lowest level since March 2008.

But sentiment remained supported as prospects for a successful Greek debt swap deal rose amid reports that a number of major European financial institutions had signed up to the deal, which is aimed at writing down 53.5% of the country’s EUR177 billion debt.

A positive outcome should clear the way for Greece to tap a second bailout package and avert a messy debt default.

Apple saw shares advance 0.81% a day after the tech giant unveiled a new iPad with a "retina" high-resolution display, the company's first tablet to operate on the high-speed 4G network. In addition, at least two brokerages raised their price targets on the firm.

Meanwhile, Dell added 0.71% after the company said it is developing a business-friendly tablet that works with Windows 8, with hopes of drawing customers away from the iPad.

Financial stocks broadly added to gains as U.S. lenders tracked their European counterparts sharply higher. JP Morgan jumped 1.68% and Goldman Sachs climbed 1.59%, while Citigroup and Bank of America advanced 1.32% and 0.87% respectively.

Elsewhere, shares in Smithfield Foods surged 2.02% after the hog and pork producer posted earnings that topped estimates, helped by strong demand in Asia.

American Eagle also rallied 4.76% after at least two brokerages raised their price targets, while another two boosted their ratings on the retailer.

On the downside, AIG tumbled 3.06% as the Treasury Department said it will sell USD6 billion worth of the insurer's stock and struck another deal for the insurer to pay down USD8.5 billion more in obligations.

Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.51%, France’s CAC 40 surged 1.84%, Germany's DAX climbed 1.83%, while Britain's FTSE 100 advanced 1.14%.

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.1%, while Japan’s Nikkei 225 Index surged 2%.

Later in the day, the U.S. was to produce government data on initial jobless claims.


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