Triple-digit Dow surge ahead of Greek vote
Triple-digit Dow surge ahead of Greek vote
By Hibah Yousuf and Ken Sweet
June 21, 2011: 4:47 PM ET
NEW YORK (CNNMoney) -- Stocks posted solid advances on Tuesday, with technology shares leading gains, as investors awaited the confidence vote for Greek Prime Minister George Papandreou later tonight.
A smaller-than-expected decline in existing home sales also helped lift markets.
The Dow Jones industrial average (INDU) rose 110 points, or 0.9%, with 26 of the blue-chip index's 30 components moving higher.
Aloca (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and DuPont (DD, Fortune 500) led the gains, with shares up more than 3%. Procter & Gamble (PG, Fortune 500) was the biggest laggard, down roughly 1%.
The S&P 500 (SPX) added 17 points, or 1.3%, and the tech-heavy Nasdaq Composite (COMP) jumped 58 points, or 2.2%.
The Nasdaq was led higher by Research in Motion (RIMM), whose shares surged in the last hour of trading on heavy volume, closing up more than 10%. The move comes less than a week after the BlackBerry maker's shares plunged more than 20% after missing estimates and announcing layoffs.
Whole Foods Market (WFM) was also a top performer on both the S&P and Nasdaq. The grocer's shares spiked more than 6% one day after its rating and price target were raised by BMO Capital Markets.
Traders remain heavily focused on Greece's vote of confidence, to be held by the Greek parliament after the U.S. markets close. The vote is expected to determine whether Papandreou's government has the strength to avoid a default and secure a rescue package.
http://money.cnn.com/2011/06/21/markets ... gletoolbar