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Portfolio > Economy & Markets > Stocks

Stocks Rise on Economic Reports and Greek Bailout Request

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With Greece formally requesting a bailout package and positive economic reports in the U.S., stocks across Europe and the U.S. rose Friday, April 23, but uncertainties over Greece’s long-term stability dented the bond market.

An early rebound in Greek bonds faltered as investors focused on a budget deficit that would still be around 10% of GDP this year even after a round of cuts by the government and $60 billion in aid is dispensed by the European Union (EU) and the International Monetary Fund (IMF). The yield on the Greek two-year note rose to 10.23%, after falling to 9.63% earlier Friday.

United Sates Treasury debt prices fell on Friday as government reports on orders for durable goods and new home sales were positive. The two-year yield climbed 4 basis points to 1.075 and the benchmark 10-year yield gained 5 basis points to 3.82%

Stocks in the U.S. were up across the board as advancing issues outpaced declining issues on the NYSE by 2.5 to 1. Large- and small-cap stocks were both solid, while the S.&P. 500 index gained 0.71%. The Dow rose 0.63% and the NASDAQ was up 0.44%

The DAX in Germany led the European markets higher, rising 1.47%. In Britain, the FTSE 100 rose 1.03%, followed by the CAC 40 in France, which rose 0.68%.


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