Equities Market Roundup: Greek Austerity Plan Passed, U.S. Debt Comes into Focus

Equities Editors Desk  |

Greece George PapandreouWall Street is trading higher again today, building on two straight days of gains after Greece's parliament passed a $40 billion austerity package, meaning the debt-strapped economy is on pace to receive a $17 billion tranche from its European Union/International Monetary Fund bailout. Without the next installment, Greece could go into default and potentially trigger a global financial crisis similar to that of the Lehman Bros. collapse a few years ago. Though the situation is far from resolved, investors are slightly relieved as they focus their attention on the immediate economic concerns in the U.S. debt ceiling.The IMF said today that if Congress fails to raise the government's borrowing cap, the results could strike a "severe shock" to the global economy's shaky recovery effort. The U.S. Treasury has already reached the $14.3 trillion lending limit, and would need to raise the cap by August in order to avoid defaulting on its debt. The IMF also said that it will downgrade the U.S.'s AAA debt rating if Congress fails to raise the ceiling. In commodities, oil prices jumped to over $95 a barrel as a report showed supplies declined faster than expected. Gold and silver prices are trading higher as investors are seemingly bearish on the prospects of U.S. debt ceiling discussions.

DJIA: 12,273.00 (+0.69 percent)
S&P 500: 1,308.03 (+0.88 percent)
NASDAQ: 2,743.94 (+0.54 percent)
Russell 2000: 821.35 (+0.49 percent)

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Symbol Name Price Change % Volume
CSV Carriage Services Inc. 24.74 -0.04 -0.16 25,428 Trade


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