Greek Prime Minister Lucas Papademos is negotiating with other Greek politicians to accept a draft deal that could restructure Greek debt and stave off default.
Yesterday's news of a Greek deal was unfounded. These developments could result in a weak market today, with a drop in the major indices a possibility.
Factors from the strong recent earnings report to the potential resolution of the protracted Greek crisis helped shares of major oil and gas companies to push higher today. Midcap options were largely ignored as mammoth mergers threaten to impact their strategies.
Hong Kong finished lower due to a pull-back from Wednesday's big gains and worry over the simmering Greek debt crisis. Funds flowed to laggards in the market.
After enjoying the bull market in the early months of 2012, investors were alarmed once again by the Greek debt crisis but stronger U.S. economic numbers may help stocks strike a balance.
Clashes were reported to have broken out in Greece Wednesday as tens of thousands of people joined marches in cities across the country to protest the government's bailout for austerity deal.
The UK is not set to mimic events in Greece as the new government prepares an emergency budget for June, says Robin Bew at the Economist Intelligence Unit in his monthly Global Forecast programme.
A new study by the Federation of Indian Chambers of Commerce and Industry (FICCI) has expressed concern that the sovereign debt crisis of Greece may spread over to other European nations which could have catastrophic impact on Indian exports.
Greece has reached an agreement with the International Monetary Fund (IMF) and the European Union (EU) on a $159 billion rescue package for the debt-laden country.
The latest manufacturing data fell short of expectations and negatively impacted shares of industrial metals miners. Ongoing worry over the Greek banking crisis also struck the sector.
News of a European interest rate cut and the decision by Greek leaders not to put the Europe debt solution plan to a vote triggered a sharp rise in the Hong Kong market.
News that the Greek government will put the European bailout plan to a referendum, prompting major losses across the financial sector as European banks and ETFs tumbled.
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Wall Street moved mildly higher today as the passage of several Greek austerity bills helped to ease the market's concern of a default. The S&P 500 will try to overcome a key level.
Stocks fell the most since the start of the year as the Greek bailout discussions hit another snag, ending the bullish momentum Wall Street had enjoyed thus far.