European news boosts US firms - New York Report

AN IMPROVED European picture led to best three-day run this year for the S&P 500 and Nasdaq Composite, and pushed the Dow Jones industrial average back into positive territory for the year.

The Dow Jones industrial average rose 217.27 points, or 1.22 per cent, to end at 17,977.68. The S&P 500 gained 22.98 points, or 1.11 per cent, to 2,099.6 and the Nasdaq Composite added 73.82 points, or 1.48 per cent, to 5,071.51.

“Headlines out of Greece are going to dissipate a bit and with that the US earnings picture is going to start to emerge as the important factor,” said Mike Binger, a portfolio manager at Gradient Investments.

Also making Wall Street more confident, Chinese stocks rose for a third straight day as data showed exports rose while imports slipped in June, a tentative sign global demand might be on the mend.

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