(MENAFN- ProactiveInvestors) U.S. stocks were solidly in the green Tuesday as investors had high hopes for a Greek debt deal at tomorrow's emergency meeting.
At noon in New York the Dow Jones Industrial Average rose 75 points to 17804 while the Nasdaq climbed 36 points to 4762 and the S&P 500 gained 11 points to 2058.
Greek officials said they plan to propose a detailed compromise plan at an emergency meeting with creditors Wednesday. Greek Defense Minister Panos Kammenos said if there is no deal then the country has an obligation to go to Plan B which is to get funding from another source. Greece is in the middle of trying to negotiate a 10 billion euro bridge to avoid a funding crunch attempting to buy time to negotiate with creditors.
Sharp gains in US stocks earlier today faded after Germany’s finance minister Wolfgang Schäuble denied rumors of the commission’s intention to grant Greece a six month extension on its debt obligations.
European markets settled mixed on Tuesday with the FTSE 100 in London dragged down by oil stocks. China's Shanghai Composite rose 1.5% after lower-than-expected inflation raised the prospect of additional monetary easing. China's consumer price index rose 0.8% on year in January down from a 1.5% rise in December.
In the U.S. economic calendar today small-business sentiment slipped to 97.9 in January on a decline in optimism over sales growth and business conditions according to the National Federation of Independent Business Small Business Optimism Index.
Meanwhile job openings in the U.S. rose 3.7% in December from November to 5.03 million the highest amount since 2001. At the same time the number of people hired climbed 1.9% in December to 5.05 million. The data were released in the December JOLTS survey a measure of job opportunities and labor turnover.
Oil futures tumbled after Citigroup () lowered its crude forecast again and said West Texas crude could soon go as cheap as $20 per barrel despite the oil price rebound in recent weeks. WTI crude for March delivery fell $2.26 to $50.60 a barrel in New York. Gold futures edged down $6 to $1236 an ounce.
In corporate activity Coca-Cola () reported quarterly earnings that topped Wall Street estimates with shares rising over 2.7%. CVS Health (VS) posted earnings and revenue that beat expectations.
Molson Coors () meanwhile posted a quarterly profit that missed estimates and revenue that topped views. The beer giant also said it is raising its dividend by 11% and preparing for a $1 billion share buyback. Shares fell back by more than 3.3%.
Gap () reported a bigger-than-expected drop in January sales but raised its earnings guidance for the year while () said holiday sales were better than anticipated and as a result has cut its projected loss forecast sending shares soaring over 15%. () said fourth quarter sales came in above forecasts helped by a strong holiday season.
In other news () has settled a patent royalties dispute with Samsung. The terms of the settlement were confidential but the suit is related to 's purchase of 's handset business in 2013.
Qualcomm () shares rose more than 4% after agreeing to pay $975 million to the Chinese government to settle a 14-month long investigation into alleged anti-competitive practices.
() beat profit estimates in its latest quarter on strong earnings at its investment bank but said the surging Swiss franc and negative interest rates will put pressure on its bottom line.
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