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U.S. markets cheer Greek deal

Monday, February 13, 2012 - 01:57

Feb 13 - Summary of Business Headlines: Greek reforms boost U.S. stocks; Obama's budget calls for spending to boost growth; GE plans to hire vets; Apple shares close above $500. Bobbi Rebell reports.

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PLEASE NOTE: THIS EDIT CONTAINS 4:3 MATERIAL US financial markets started the week off with some positive momentum led by banking stocks. Shares got a boost after Greece's parliament approved strict financial reforms needed to get an international bailout package. . President Obama is proposing more aggressive deficit reductions in his new budget for 2013. It will focus on savings through lower healthcare spending, and boosting spending on infrastructure and job creation. Republicans in the House of Representatives are expected to unveil their own budget plan soon. But getting to an agreement in an election year could be tough, according to GreenCrest Capital's Max Wolff: SOUNDBITE: MAX WOLFF, CHIEF ECONOMIST, GREENCREST CAPITAL (ENGLISH) SAYING: "Are we honestly likely to get any meaningful budget agreement between this president and this congress- absolutely not. This is a group of people who could agree on absolutely nothing last year and absolutely nothing the year before, who are now going to be running on the premise of how much they hate each other and the the chance they cut a deal in that environment is not good. " New jobs being created by General Electric. The largest US conglomerate says it plans to hire 5,000 military veterans over the next 5 years. It will also spend $580 million dollars to expand its aviation footprint in the United States. Apple shares hit a record $500 a share. A new survey from Harris Interactive said Apple had the best image of any American company- beating out last year's winner- Google. Apple is in the midst of a number of patent lawsuits. Most recently it has targeted Samsung's latest smart phone using Google's Android software. Taking a look at the closing numbers: In the US it was all green- the major indexes moving higher on Monday. And the arrows were up in Europe as well- as the region celebrated news that Greece had accepted the financial reforms. Bobbi Rebell, Reuters.

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U.S. markets cheer Greek deal

Monday, February 13, 2012 - 01:57