Wall Street ends sharply higher Wall Street ends sharply higher in broad rallyin broad rally

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Yellen gave no direct hint about whether the U.S. central bank would raise rates more than once over the course of its four remaining meetings in 2015.   The day’s gains were widespread, with all 10 of the S&P 500’s primary sectors higher on the day.   Euro

zone finance ministers will meet on Saturday to decide on a third bailout for Greece, which made substantial concessions in its latest proposal to

lenders, including tax hikes, in hopes of receiving USD 59 billion to help it cover debts until 2018.   “Investors are betting that a Greek deal will be

struck by this Sunday, and that reduction of risk is boosting stocks today. 

Wall Street Wall Street

The removal of the risk of an exogenous shock means better market psychology,” said Jim McDonald, who helps oversee USD 960 billion in assets as chief investment strategist at Northern Trust in Chicago.   For the week, the Dow rose 0.17 percent while the S&P fell 0.01 percent and the Nasdaq ended down 0.23 percent in its third straight weekly decline. Equities were pressured earlier this week by a slowdown in China, weak commodity prices and uncertainty over the Greek debt crisis.   Wall Street was also supported on Friday by a continued recovery in China’s equity market, which was helped by a barrage of government support measures. 

Chinese Premier Li Keqiang said the country would make Chinese Premier Li Keqiang said the country would make more targeted changes to its policies to support the more targeted changes to its policies to support the economy and promised to increase the transparency of economy and promised to increase the transparency of China’s capital and money markets.   The Bank of New China’s capital and money markets.   The Bank of New York Mellon China’s index of Chinese shares traded in the York Mellon China’s index of Chinese shares traded in the United States rose 2.4 percent.   The Dow Jones industrial United States rose 2.4 percent.   The Dow Jones industrial average rose 211.79 points, or 1.21 percent, to average rose 211.79 points, or 1.21 percent, to 17,760.41, the S&P 500 gained 25.31 points, or 1.23 17,760.41, the S&P 500 gained 25.31 points, or 1.23 percent, to 2,076.62 and the Nasdaq Composite added percent, to 2,076.62 and the Nasdaq Composite added 75.30 points, or 1.53 percent, to 4,997.70.   The US 75.30 points, or 1.53 percent, to 4,997.70.   The US quarterly earnings season kicked off this week, with Pepsi quarterly earnings season kicked off this week, with Pepsi and Alcoa reporting better-than- expected sales. and Alcoa reporting better-than- expected sales. However, corporate earnings are estimated to have fallen However, corporate earnings are estimated to have fallen 3.1 percent in the second quarter, according to Thomson 3.1 percent in the second quarter, according to Thomson Reuters data.Reuters data.

Wall Street Wall Street

Cablevision jumped 7.3 percent to USD 26.67 on a Wall Cablevision jumped 7.3 percent to USD 26.67 on a Wall Street Journal report that French billionaire Patrick Drahi Street Journal report that French billionaire Patrick Drahi was looking at cable targets for acquisitions.   Zillow fell was looking at cable targets for acquisitions.   Zillow fell 7.7 percent to USD 78.67 a day after it said its chief 7.7 percent to USD 78.67 a day after it said its chief financial officer was leaving to pursue other business financial officer was leaving to pursue other business interests.   Advancing issues outnumbered declining ones interests.   Advancing issues outnumbered declining ones on the NYSE by 2,456 to 623, for a 3.94-to-1 ratio on the on the NYSE by 2,456 to 623, for a 3.94-to-1 ratio on the upside; on the Nasdaq, 2,188 issues rose and 595 fell for upside; on the Nasdaq, 2,188 issues rose and 595 fell for a 3.68-to-1 ratio favoring advancers.   The benchmark a 3.68-to-1 ratio favoring advancers.   The benchmark S&P 500 index posted 17 new 52-week highs and 15 new S&P 500 index posted 17 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 83 new highs and lows; the Nasdaq Composite recorded 83 new highs and 60 new lows.   About 5.67 billion shares traded on all US 60 new lows.   About 5.67 billion shares traded on all US platforms, according to BATS exchange data, compared platforms, according to BATS exchange data, compared with the month-to-date average of 7.03 billion.with the month-to-date average of 7.03 billion.

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