Stocks Erase Losses as Euro Strengthens on Greece Financial-Rescue Talks
U.S. stocks erased losses, while Treasuries fell and the euro strengthened, as Greece’s government made progress on measures to secure international aid. Crude oil led gains in commodities.
The Standard & Poor’s 500 Index was up less than 0.1 percent to 1,344.89 at 11:01 a.m. in New York after slipping as much as 0.6 percent earlier. Ten-year Treasury yields increased six basis points to 1.97 percent and the euro advanced 1 percent to $1.3255. Oil rallied 2 percent to $98.83 a barrel.
Greece’s government and international creditors are working on the final draft of an agreement on budget and structural measures needed to free up a second aid package, a Greek official said. The document is being drafted at a meeting between Finance Minister Evangelos Venizelos and representatives of Greece’s creditors and will be discussed by political leaders later in the day, the government official told reporters in Athens today on customary condition of anonymity.
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