Stocks Rise on Greek Deal, Bonds Show Tepid Welcome; Euro Drops
(Bloomberg) -- Greece reached an agreement with its creditors over the reforms needed to start formal negotiations over a third bailout program. Nejra Cehic and Ryan Chilcote report on Bloomberg's "On the Move," hosted by Jonathan Ferro. (Source: Bloomberg)
U.S. stocks climbed and European equities capped the biggest rally since 2011 on Greece’s bailout agreement, while currency traders took the deal as a green light to sell the euro.
The Standard & Poor’s 500 Index rose 1.1 percent at 4 p.m. in New York, capping its best three days this year. The Stoxx Europe 600 Index jumped 2 percent, bringing its four-day surge to 6.3 percent. Bonds in Spain and Italy ended little changed, while German bunds erased an earlier drop to advance. The euro slid on speculation the deal may clear the way for higher U.S. interest rates.