US stocks rise on Greek agreement

Feb 9, 2012, 23:47 GMT

Washington - US stocks gained Thursday as Greek Prime Minister Lucas Papademos announced a deal on new budget measures to receive additional bailout money.

George Papandreou of the Socialist Pasok party, Conservative leader Antonis Samaras and right-wing leader Giorgos Karatzaferis were reported to have agreed on other significant measures, including cuts in the minimum wage and public-sector pay freezes and layoffs.

Eurozone officials later said they would suspend a decision on approving a second bailout package for Greece until next week.

The blue-chip Dow Jones Industrial Average gained 6.51 points, or 0.05 per cent, to 12,890.46. The broader Standard & Poor's 500 Index increased 1.99 points, or 0.15 per cent, to 1,351.95. The technology-heavy Nasdaq rose 11.37 points, or 0.39 per cent, to 2,927.23.

The US currency dipped against the euro to 75.26 euro cents from 75.44 euro cents on Wednesday. The dollar was up against the Japanese currency at 77.64 yen from 77.05 yen.