US stocks surge after latest Greek proposal
NEW YORK, United States – US stocks surged in opening trade Friday, July 10, following European equity markets higher after the latest bailout proposal from Greece lifted hopes of a deal with its creditors.
Five minutes into trade, the Dow Jones Industrial Average stood at 17,757.71, up 209.09 points (1.19%).
The broad-based S&P 500 rose 23.06 (1.12%) to 2,074.37, while the tech-rich Nasdaq Composite Index jumped 58.02 (1.18%) to 4,980.42.
Debt-riddled Greece on Thursday, July 9, submitted a cash-for-reforms plan to creditors that raised hopes that a deal could be struck to avert the country's financial collapse and a potential exit from the eurozone.
Investors also took heart from a 4.54% gain in the benchmark Shanghai Composite Index, the second straight day of gains after the Chinese government announced additional policies to stem market turbulence. – Rappler.com