Stocks climb on hopes over Greek deal, gold falls

Mon Jun 22, 2015 2:29pm EDT
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - A new offer by Greece on a reform package to avoid a default on its debts raised hopes that a tangible deal with international creditors was still possible, lifting world stock indexes and pushing down gold prices on Monday.

Gold prices fell more than 1 percent, while crude oil futures also eased.

Euro zone finance ministers left a meeting with Greek officials optimistic over Athens' offer, with talk of more work ahead to achieve a potential deal this week.

The ministers agreed to reconvene before the week is over, after Greece thrashed out details with its international creditors the European Commission, the European Central Bank and the International Monetary Fund.

"Now you're seeing the leaders of (euro zone) countries meeting to reach a deal and the hope that a deal is on the horizon is reflected in the rally today," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

The euro was nearly flat against the dollar EUR=EBS, while it was up against the yen and Swiss franc. The euro rose 0.79 percent to 140.42 yen EURJPY=EBS.

MSCI's all-country stock index .MIWD00000PUS climbed 1.1 percent.

Greek stocks were 9 percent .ATG higher, while Greek bank shares surged 20.8 percent . European shares .FTEU3 ended up 2.4 percent.   Continued...

 
Traders work on the floor of the New York Stock Exchange June 22, 2015.  REUTERS/Brendan McDermid