Stocks Ease Higher in Quiet Session
Greek officials and inspectors have reportedly made considerable progress on talks towards measures that would save the country more money and lead to more spending cuts.
The FTSE in London finished up 0.37% and the DAX in Germany settled up 0.77%. This, as Spanish and Italian bond yields eased.
Hong Kong's Hang Seng index finished ahead by 1.69% and the Nikkei in Japan settled up 2%.
September crude oil futures settled up 80 cents at $92.20 a barrel. December gold futures finished up $6.90 to settle at $1,616.20 an ounce.The benchmark 10-year Treasury was flat with the yield sitting at 1.567%. The greenback was down 0.08%, according to the dollar index. On the corporate news front, Knight Capital Group (KCG) announced it has secured $400 million in financing as the firm continues to try to combat the damage done by last week's trading debacle caused by a software glitch. In a Securities and Exchange Commission filing, Knight said an unnamed group of investors had "agreed to purchase an aggregate of $400 million of 2% convertible preferred stock," which "will be convertible into approximately 267 million shares of common stock of the Company." Knight shares closed down 24% at $3.07. Best Buy (BBY) founder Richard Schulze has offered to buy the company for $24 to $26 a share. Shares surged 13% to close at $19.99, providing evidence of some investor skepticism about the deal. Tyson Foods (TSN), the meat and chicken processor, posted worse-than-expected third-quarter results amid tepid protein demand domestically and sharply higher grain costs. Shares fell 8%. Shares of Regions Financial (RF) rose 1% after the bank's stock was upgraded to buy from neutral at Bank of America. The firm, which also lifted its price target to $8 from $7, said it sees "material upside potential" left at current levels.
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