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The Dow Jones added 139 points Tuesday. The cause? Investor optimism about a pending deal to address Greece's debt crisis.
Dow: 17,868.76, +139.55, +0.79%
S&P 500: 2,068.59, +21.85, +1.07%
Nasdaq: 4,787.65, +61.63, +1.30%
The S&P 500 Volatility Index (VIX), the market's fear gauge, slipped 7.3% on the day.
What Moved the Markets Today: The European Commission plans to introduce a compromise proposal to address Greece's debts. The deal would give Greece another six months to work with lenders on pending issues and a post-bailout plan.
Now, check out the other top market stories – plus get our new profit tip for investors:
- All About Oil: Crude oil prices slumped after a new forecast released by the International Energy Agency. The global energy watchdog said the price of oil will recover "relatively swiftly" but will not come close to returning to the highs of the last few years. WTI fell 5.4% to hit roughly $50.02 per barrel. Brent fell 3.3% on the day.
- Activists Attack: A group of activist investors is taking aim at General Motors Co. (NYSE: GM). The group, which includes David Tepper of Appaloosa Management and Kyle Bass of Hayman Capital Management, are pushing the automaker to buy back no less than $8 billion worth of shares within the next 12 months. GM stock was up more than 4% on the day.
- A Caffeine Shot: As The Coca-Cola Co. (NYSE: KO) continues to look toward its largest market to boost sales, the company reported better than expected profits this morning. Sales in North America, its largest market, increased for the first time in four earnings periods. The company said U.S. sales helped offset concerns about a stronger dollar in the international markets. In the United States, analysts said customers are consuming fewer Coke products, but are willing to pay more. This is a sign of improving household economics, fueled by falling gas prices and higher discretionary income.
- Big Breach: The world's second-largest bank could face criminal prosecution over its alleged role in helping ultra-wealthy customers hide money in Swiss bank accounts. U.S. authorities are currently investigating HSBC Holdings Plc. (NYSE ADR: HSBC) to determine whether it engaged in tax evasion on behalf of clients. The company is already under the microscope for possibly manipulating currency rates. The new investigation could push the Department of Justice to revisit a deferred prosecution agreement that the bank settled in 2012. For a breakdown of HSBC's huge leak, be sure to read our full report right here.
- Energy Fallout: Shares of Halliburton Co. (NYSE: HAL) slipped as much as 3% on news the global oilfield services plans to slash its workforce by as much as 8%. Falling oil prices continue to affect capital expenditures of some of the world's largest oil producers.
- An Apple a Day: Shares of Apple Inc. (Nasdaq: AAPL) were up more than 1.9%. Apple stock hit a new 52-week high and boosted the Nasdaq and the S&P 500 after it priced Swiss franc bonds. The new bond strategy will allow the tech giant to access a new set of fixed-income investors. The company also announced plans this afternoon to partner with First Solar Inc. (Nasdaq: FSLR) to build an $850 million solar farm in California.