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Stocks jump on optimism about Greece

Wednesday, June 10, 2015 - 02:20

The major U.S. stock indexes gained more than one percent, rebounding from four straight losses for the Dow. Bobbi Rebell reports.

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Shares of cloud storage provider, Box, jumped in after hours trading. The data storage company reporting better-than-expected revenue, saying more customers subscribed to its content-sharing platform. Krispy Kreme also on the rise in after hours. The doughnut chain's earnings beat estimates. The Dow's back in positive territory this year, rising for the first time in five sessions. In fact, all three indexes rose more than one percent, on optimism Greece may be closer to reaching a deal with creditors, and gains in technology, and financial shares. Investors got a dose of weak economic news. Consumer confidence fell this month to its lowest level this year. It was a contrast to the recent batch of strong data that had investors selling stocks, fearing that the Federal Reserve would hike interest rates this fall. In fact, mortgage rates rose to their highest level since last November, with a 30-year at 4.17 percent according to the Mortgage Bankers Association. Applications rose as well. S&P Capital IQ's Sam Stovall: SOUNDBITE: SAM STOVALL, CHIEF EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING: "Certainly, great economic news causes investor anxiety, good economic news. I think, we're still trying to work through that." Topping the S&P 500's list of gainers: Netflix and Johnson Controls. Shares of the video streaming company soared to an all-time high. Marriott Hotels said it'll offer guests access to their Netflix accounts in guest rooms. Separately, CEO Reed Hastings said on Tuesday the company will seek approval for a stock split now that investors have OK'd its plans to issue more shares. Johnson Controls shares jumped after the auto parts maker said it's considering selling its automotive business. Apple is facing an antitrust probe again. Two states attorneys general are investing whether it violated antitrust laws in negotiating with music labels for its new streaming service, Apple Music. Shareholders weren't concerned, sending shares higher. Quiksilver dropped sharply for the second straight day. D.A. Davidson downgraded the stock to "neutral" from "buy." The brokerage said the surfwear maker's debt, delivery issues and management changes create uncertainty. The selloff ended in Europe as stocks broke a six-session losing streak.

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Stocks jump on optimism about Greece

Wednesday, June 10, 2015 - 02:20