Greek Debt Solutions Lift U.S. Stocks

Wall Street close higher on Tuesday, May 31, 2011 local time, ignoring U.S. economic reports that being weak, amid rising hopes that Greece will reach an agreement to resolve debt crisis.

The Dow Jones Industrial Average jumped 128.21 points (1.03 percent) to 12,569.79. However, cumulatively, the index stocks are blue-chips fell 1.9 percent during the month of May.

The S & P 500 Index, rose 14.10 points (1.06 percent) to the position of 1345.20, while the Nasdaq composite index of technology stocks rose 38.44 points (1.37 percent) to 2835.30.

Stocks moving on a positive zone, amid rising hopes of a solution to Greece's debt crisis and signs of Japan's post-quake recovery that has lifted overseas markets. U.S. financial markets closed on Monday for "Memorial Day". Fears of euro zone is reduced on the middle of optimism that Greece might be able to avoid a debt restructuring.

The economic data showed weakness, such as from The Conference Board's consumer confidence index that states fell to 60.8 in May from 66.0 in April due to rising concerns about unemployment and rising food prices and fuel prices.

Manufacturing activity on Chicago region slowed in May for the third consecutive month, the Institute for Supply Management said, while the S & P / Case-Shiller showed home prices fell for the ninth consecutive month.

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