Wall Street rallied today as investors turned optimistic after eurozone leaders, over the weekend, reached an agreement for a third bailout program for Greece.
The S&P 500 (INDEXSP:.INX) rose 1.1 percent to 2,100.99 at 3:30 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 1.3 percent to 17,984.05, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rallied 1.5 percent to 5,074.25.
Greece won conditional agreement to receive a possible $95 billion over three years, along with an assurance of talks to bridge a funding gap until a bailout is finally ready. The deal is contingent on Greece meeting a tight timetable to enact reforms of value added tax, pensions and budget cuts.
OTHER MARKETS:
European stocks finished at a more than two-week high today. The Stoxx Europe 600 SXXP rose 2 percent to 396.46.
MOVERS:
Seagate (NASDAQ:STX) gained 0.8 percent to $46.30, reversing an earlier loss, after cutting its sales guidance for its latest quarter on weaker-than-expected demand.
Fitbit (NYSE:FIT) climbed 4.1 percent to $43.83 after Piper Jaffray initiated coverage of the maker of fitness-tracker bracelets with an overweight rating, similar to a buy.
Medtronic (NYSE:MDT) rose 1 percent to $75.13. The medical technology company agreed to acquire RF Surgical Systems Inc. for roughly $235 million, the latest in a string of smaller deals since the medical-device maker’s acquisition of Covidien.
Comcast (NASDAQ:CMCSA) rose 0.9 percent to $63.74 as the largest U.S. cable operator will offer a Web-based TV service with about a dozen channels for $15 a month to its Xfinity Internet customers, in response to challengers like Dish Network and Netflix.
Starbucks (NASDAQ:SBUX) added 2 percent to $55.68 as the world’s largest coffee chain is spearheading a multi-company initiative to hire 100,000 young minority workers over the next three years.
Jarden (NYSE:JAH) rallied 4.5 percent to $54.64 after saying it reached a deal to buy disposable-tableware maker Waddington Group Inc. from private-equity firm Olympus Partners for about $1.35 billion, adding to its business-to-business offerings.
PepsiCo (NYSE:PEP) gained 1.6 percent to $97.09 even as Susquehanna cut its rating on the stock to "neutral" from "positive," on what it sees as the reduced possibility of a split-off or buyout bid.
Ascena Retail (NASDAQ:ASNA) dropped 13 percent to $14.24 after the retailer late Friday cut its full-year earnings outlook, pointing to weaker-than-expected sales at its stores.
BorgWarner (NYSE:BWA) gained 2.2 percent to $54.81 after the supplier of engineered automotive system agreed to buy Remy International for about $95 million in cash, combining two suppliers of electrical components for the auto industry.
Dana Holding (NYSE:DAN) advanced 2.8 percent to $20.18. The provider of high technology driveline, sealing and thermal-management products named James K. Kamsickas president and chief executive, effective Aug. 11.
COMMODITIES:
August gold lost 0.2 percent to settle at $1,155.40 an ounce on Comex.
U.S. light crude, also known as West Texas Intermediate (WTI), closed down 1 percent at $52.20 a barrel.