Stocks rise as second Greece rescue looks likely (AP)

June 30, 2011

NEW YORK – Stocks are opening higher as Greece clears the way for a debt rescue package.

Greek lawmakers are close to passing an austerity bill that will allow international lenders to release more emergency loans. Optimism about averting a widespread European debt crisis has sent markets higher since Monday.

Slightly fewer people applied for unemployment benefits last week, but the level of applications remains high. Worries about the economy have pushed stocks lower since late April. The S&P 500 index is still down for the second quarter, which ends Thursday.

The Dow Jones industrial average is up 72 points, or 0.6 percent, at 12,333, in early trading. The S&Ps 500 is up 5, or 0.3 percent, at 1,311. The Nasdaq composite is up 17, or 0.6 percent, at 2,757.

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