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Wall Street rallies amid new data on economy
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Jun 28, 2011 10:05am |
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| Category | News |
| News Date | Tuesday, June 28, 2011 04:00:00 PM UTC0:0 |
| Description | NEW YORK — U.S. stocks rallied Tuesday as investors digested new economic data and watched Greek government debates for signs that the country could avert a debt default.
Lawmakers in Greece are debating new austerity reforms ahead of a parliamentary vote set for Wednesday. Greece must pass the measures before the European Union and International Monetary Fund can release a crucial $17 billion installment of its rescue package to the country.
Greek workers began a two-day strike to protest the dramatic cost-cutting moves, which include taxes on minimum-wage workers.
Without new rescue funds, Greece is likely to default on its debt. That could potentially spark a bank crisis across Europe and freeze lending to other debt-laden European countries. Monday, a decision by French banks to give Greece more time to pay its debts offered some hope that Greece would find its way out of the crisis. |
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