Tuesday, June 21, 2011
NEW YORK (AP) — Stocks are rising at the opening of trading on hopes that a Greek vote scheduled for later today will help the country avoid a default.
If the Greek government wins the confidence vote, it can more easily push through cost-cutting measures needed to get its next installment of emergency loans. Greece needs the cash to avoid a default, which could damage Europe’s banks and the region’s economy.
The Federal Reserve also begins a two-day meeting later today. Economists expect it to keep interest rates at record lows.
The S&P 500 is up 5, or 0.4 percent, at 1,284. It rose Monday for the third straight day, its longest winning streak since May. The Dow Jones industrial average is up 39 at 12,119. The Nasdaq is up 7 at 2,637.