U.S. stocks climbed higher on Monday
as positive remarks on Greek debt conditions added to gains boosted
by upbeat U.S. jobs report.
In Athens, inspectors from the International Monetary Fund, the
European Commission and the European Central Bank concluded a visit
to Greece, saying the debt-burdened country had made progress in
finding budget cuts needed to continue its bailout program.
However, inspectors also said there was still a lot of work to be
done and they would return in September to give the final verdict.
Meanwhile, remarks from Mario Draghi, the president of the
European Central Bank, still gave hopes to investors that the ECB
will step in to help the region's economy.
Although the ECB disappointed the market with no immediate action
last week, many still believed that Draghi's statement paved the way
for more bond buying.
With no major economic data scheduled on Monday, investors were
still buoyed by the stronger-than-expected July jobs data in the U.
S., which pushed stocks to their highest level in three months after
its release on Friday.
In midday trading, the Dow Jones industrial average gained 71. 52
points, or 0.55 percent, at 13,167.69. The Standard & Poor's 500 was
up 6.15 points, or 0.44 percent, to 1,397.14. The Nasdaq Composite
Index rose 25.60 points, or 0.86 percent, to 2,993.50.
