US Markets Rises As Greece Approves Austerity Plan (14-Feb-2012)
The US markets edged higher on Monday, after Greece approved austerity measures to ensure that it will likely receive a second bailout and avert a March default. Euro-zone finance ministers will meet on Wednesday and are expected to approve the release of the second bailout package. An agreement between Greece and private creditors on write-downs on the value of privately-held Greek debt, which is seen wiping around 100 billion euro off the country’s debt pile, is expected to follow later in the week.
In Washington, President Barack Obama sent Congress a $3.8 trillion budget proposal that includes tax hikes for the wealthiest Americans, setting the stage for his re-election campaign. President Barack Obama's proposal spell's out election-year priorities that are certain to draw Republican opposition. Obama is also proposing more money for jobs, highways and bridges, schools, student aid and manufacturing research as well as higher taxes for corporations, banks and oil, natural gas and coal companies. Also, House Republican leaders stated that they may set a vote for later in the week on a backup plan to extend a 10-month payroll tax cut for the rest of the year without figuring first how to pay for it. The tax cut is now set to expire on February 29.
The Dow Jones Industrial Average closed higher by 72.81 points, or 0.57 percent, at 12,874.00. The S&P 500 was up by 9.13 points, or 0.68 percent, at 1,351.77, while the Nasdaq closed up 27.51 points, or 0.95 percent, at 2,931.39.
Indian ADRs closed mixed on Monday, ICICI Bank was up 0.77%, HDFC Bank was up by 0.45% and Dr. Reddy's Lab was up 0.40%. On the flip side, Tata Communications was down 0.07% and Wipro was down 0.06%.
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