US stocks rise amid Greece anticipation

NEW YORK: US stocks gained as markets opened Monday, with investors looking ahead to a week of uncertainty over the Greek debt crisis and its effect on the eurozone.

The Dow Jones Industrial Average rose 52.60 points (0.44 percent) to 11,987.18 in the first half-hour of trading.

The broader S&P 500 rose 4.32 points (0.34 percent) to 1,272.77, while the tech-heavy Nasdaq Composite climbed 9.64 points (0.36 percent) to 2,662.53.

Banks were holding urgent talks with European Union officials in Rome on how restructure Greek debt without triggering a default that could have potentially ruinous effects on the EU's financial system.

Meanwhile the Greek parliament was set to begin debate on a deeply unpopular austerity package demanded by the EU and the International Monetary Fund, with the vote expected later this week.

"With the uncertainty of the Greek vote, trading conditions are apt to be choppy and most likely accented by low volume," said Patrick O'Hare of Briefing.com.

In the United States, the government released data showing that consumer spending was stagnant in May, with consumers spending only 0.1 percent more than in April, reflecting continued weakness in the world's largest economy.

Shares of Stanley Black & Decker were flat after the US equipment maker offered to buy Swedish security-technology company Niscayah for $1.2 billion.

Bond prices were mixed. The yield on the 10-year US Treasury note fell to 2.86 percent from 2.87 percent on Friday, while that on the 30-year bond rose to 4.21 percent from 4.17 percent.

Bond prices and yields move in opposite directions.

Copyright AFP (Agence France-Presse), 2011