Advancing issues outnumbered declining ones on the NYSE by 1,837 to 1,248, for a 1.47-to-1 ratio on the upside; on the Nasdaq, 1,636 issues fell and 1,150 advanced for a 1.42-to-1 ratio favoring decliners.
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Meanwhile, European shares rose supported by miners after a rally in metals and Chinese stocks, while some investors were betting Greece’s creditors will look positively at reform proposals and finally agree a debt deal. The Hong Kong index trimmed its losses in the final minutes of trading to close 5.9 percent lower at 23,516.56.
China’s securities regulator, in its most drastic step yet to arrest a selloff on Chinese stock markets, banned shareholders with large stakes in listed firms from selling for the next six months. The S&P 500 gained 12.58 points, or 0.61 percent, to 2,081.34 after briefly falling below its 200-day moving average.
European markets rose on hopes that Greece might be able to win a deal that could keep it in the euro zone. JPMorgan (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) were all down between 2 and 3 percent. The Nasdaq Composite began the day up 70 points, or 1.4% at 4,980.
‘In plain English, companies must explain how they will buy their own stock, namely through buybacks and management and employee purchase schemes, ‘ said Jasper Lawler, market analyst at CMC Markets. Beijing also hiked the amount of equities insurance companies can hold and promised more credit to finance trading. Another calm morning from the commodities sector should see the United Kingdom index maintain these gains; the bigger question will be if any course-altering kinks arise on the road to a potentially successful eurozone weekend.’.
Millions of novice investors piled into the market when it was at its most frothy.
At today’s meeting with German Chancellor Angela Merkel, French President Francois Hollande, and head of the European Commission Jean-Claude Juncker, Greek Prime Minister Alexis Tsipras reportedly requested interim financing for the debt-plagued country through the end of July. Australia’s S&P/ASX 200 shed 2 percent to 5,469.50.
In energy trading, benchmark US crude was down 26 cents to $52.07 a barrel in electronic trading on the New York Mercantile Exchange.
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About 8.6 billion shares traded on all US platforms, according to BATS exchange data, well above the average of 6.9 billion in the past five sessions.
