Stocks Rally on Greek Deal

The stock market is rallying today on the heels of the news of a deal reached for Greece. The Greek Prime Minister, Alexis Tsipras, had won support from parliament for a deal that was largely seen as agreeing to the EU proposal, which the referendum had shot down.

I thought that was the end of things but it still needed support from the EU. After contentious negotiations over the weekend, the deal was finally reached which requires, in the words of the WSJ, the “Greek government’s near-total surrender to creditors’ demands.”

For the first time, there appeared to be serious discussion of Greece leaving the eurozone. Until now, that’s not been an issue for discussion. Even though “Grexit” wasn’t agreed to, we now know that it was considered. It’s hard to escape the view that Germany has been trying to humiliate Greece. Now Tsipras has to get his parliament to approve a deal that was even harder than the one before.

The S&P 500 has been as high as 2,097.87 today, which is a two-week high. The index was last over 2,100 on June 26.

Posted by on July 13th, 2015 at 12:51 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.