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Wall Street advances on Greek debt hopes, Coke earnings

Tuesday, February 10, 2015 - 02:21

U.S. stocks climbed on Tuesday, bouncing from two straight declines, on hopes a deal in Greek debt negotiations was drawing closer along with a lift from Coca-Cola earnings. Bobbi Rebell reports.

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U.S. stocks climbed higher on Tuesday on hopes of a debt deal for Greece and a lift from Coca-Cola earnings. Talking about earnings. With about two-thirds of S&P 500 companies reporting, about 73 percent have topped expectations, according to Thomson Reuters. Thomson Reuters' Greg Harrison (SOUNDBITE) GREG HARRISON, SENIOR ANALYST, THOMSON REUTERS (ENGLISH) SAYING: "l think, the theme is the economy is continuing to grow. Earnings are continuing to grow, and, throughout 2015, earnings are expected to grow in the upper single digits aside form the energy sector." Apple investing $850 million to build a solar farm in California with Solar panel maker First Solar. Its stock rose two percent, pushing its market cap above $700 billion for the first time ever. The worldwide oil glut hitting Halliburton. Shares of the U.S. oil services company fell after it said it may cut more than 6,000 jobs as much as eight percent of its global workforce. Coca-Cola's shares climbed after the company reported a better-than-expected profit and sales in North America, its biggest market. Aeropostale surged on bigger holiday sales and boosted fourth-quarter outlook. Dean Foods stock sank after the largest U.S. milk processor, reported lower-than-expected quarterly sales and profit, mainly because of high raw milk prices. Starwood stock jumped. Profits were up, and it will spin off its time share business. Yelp is buying online food-ordering service Eat24, expanding its business beyond reviews into one of the hottest sectors of the online economy - food ordering. Yelp shares surged on the news. General Motors also in the green zone after it said an ex-auto task force member - who helped restructure the company in 2009, during its bankruptcy - wants to join the board of directors and commit GM to an eight billion dollar share buyback. In economic news, U.S. wholesale inventories barely rose in December, the latest suggestion that fourth-quarter growth could be revised lower. In a separate report, the Labor Department said job openings swelled to more than five million in December, the highest level since January 2001. Over in Europe, markets got a boost from press reports pointing to a possible debt deal for Greece, but closed mixed.

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Wall Street advances on Greek debt hopes, Coke earnings

Tuesday, February 10, 2015 - 02:21