U.S. stocks rallied on Monday as investors were betting on the passage of
new austerity measures in Greece to avoid a debt default.
Local media reported on Monday that French banks had agreed to accept slower repayment of Greece's debt, giving Greece more time to deal with its financial obligations.
Meanwhile, Greek lawmakers were still arguing before a critical vote on more austerity measures in order to get a new round of bailout money.
Investors also shrugged off downbeat economic news on U.S. consumer finance. Government data showed that consumer spending unexpectedly stagnated in May as employment prospects dimmed and rising inflation caused Americans to cut back.
source: PNA
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Topic: New austerity measures in Greece to avoid a debt default (Read 565 times)