US Stocks Jump on Hopes for New Greek Aid Package

By: Associated Press

Posted: Tue 9:52 AM, May 31, 2011

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Stocks are rising at the opening of trading on hopes that Greece will get more help managing its debt.

The Dow Jones industrial average is up 124 points, or 1 percent, to 12,565. The S&P 500 is up 13 to 1,344. The Nasdaq composite is up 30 to 2,827.

Hopes for a new aid package for Greece lifted European stocks, the euro and commodities. Crude oil climbed above $103 per barrel.

The U.S. economic recovery remains under stress. Home prices in twelve of the 20 cities in the S&P/Case Shiller home price index dropped to their lowest points since the housing bubble popped in 2006.

Better economic data may come later Tuesday, when economists expect a report to show consumer confidence improved in May.

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US Stocks Jump on Hopes for New Greek Aid Package

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