(MENAFN- ProactiveInvestors)US stocks shot out of the traps on hopes that a post-last minute deal will be done on Greece's debt problems. Sentiment also received a boost from payrolls processing firm ADP which released jobs data for June that indicated companies raised employment levels by the most in six months. Payrolls rose 237000 in June from a revised 203000 in May; the release is regarded as a not always reliable indicator to the official US non-farm payrolls data out later this week. Car makers were in focus as car sales numbers for June were released. General Motors saw a 3% decline the inverse of what analysts had expected while gains from Ford and Chrysler were less than the market had been expecting. The S&P 500 was racing ahead up 19 points at 2082 while the Nasdaq Composite was 49 points to the good at 5036. The Dow Jones industrial average was 154 points higher at 17774. The insurance sector seems to be going merger mad at the moment and today's big deal involved Chubb which is to be acquired by ACE in a cash plus shares deal worth US$28.2bn. There was mixed news from the food and drink sector. Foods group General Mills disappointed with its fiscal fourth quarter revenues and spice maker McCormick lost its zing as it blamed the strong dollar for a dip in second quarter profits but Constellation Brands was wanted after its first quarter earnings came in ahead of expectations.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.