Investing.com - U.S. stocks closed mixed Tuesday, after the Greek bailout deal failed to spark euro zone optimism while soaring oil prices kept consumer and transportation shares in check.
Near the close of U.S. trade, the Dow added 0.12%, the S&P 500 gained 0.07% and the Nasdaq Composite gave back 0.11%.
U.S. equities shrugged off euro zone finance ministers settling on the details of a new financial package for Greece, which aims to lower the country’s debt to 120.5% of gross domestic product by 2020.
Private-sector creditors also agreed to take a write-down on their bonds of more than 53%, which is expected to cut Greece's debt by EUR107 billion.
However, fears that the bailout package is not enough were sparked by an International Monetary Fund report forecasting Greek debt ballooning to 160% of gross domestic product by 2020.
In addition, unless 90% of investors agree to the bond swap, Greece may need to use force to obtain debt relief, causing legal issues.
Further worries of the incoming Athens government not enforcing the agreed upon austerity measures kept equities from rallying.
Meanwhile, the Troika, composed of the European Union, European Central Bank and the International Monetary Fund, said in its latest report on Greece's debt sustainability that "additional debt relief" will be required in the future.
Chelsea Therapeutics gave back 30% after its drug was declared unsafe by U.S. regulators.
Macy’s Inc advanced 2.1% on fourth quarter profits beating estimates.
Radio Shack fell 8% after stating it expects lower margin smart phones to continue to effect earnings.
Wal-Mart gave back 4% upon missing analyst’s fourth quarter profit estimates.
Wynn Resorts led the S&P 500 higher adding 6.4% bought out its largest, troubled shareholder.
After the close of European trade, the EURO STOXX 50 fell 0.34%, France's CAC 40 gave back 0.21%, while Germany’s DAX dropped 0.58%. Meanwhile, in the U.K. the FTSE 100 dipped 0.29%.
Investors are awaiting U.S. home sales, euro zone manufacturing and service sector activity and Australian wage price inflation on Wednesday.
Near the close of U.S. trade, the Dow added 0.12%, the S&P 500 gained 0.07% and the Nasdaq Composite gave back 0.11%.
U.S. equities shrugged off euro zone finance ministers settling on the details of a new financial package for Greece, which aims to lower the country’s debt to 120.5% of gross domestic product by 2020.
Private-sector creditors also agreed to take a write-down on their bonds of more than 53%, which is expected to cut Greece's debt by EUR107 billion.
However, fears that the bailout package is not enough were sparked by an International Monetary Fund report forecasting Greek debt ballooning to 160% of gross domestic product by 2020.
In addition, unless 90% of investors agree to the bond swap, Greece may need to use force to obtain debt relief, causing legal issues.
Further worries of the incoming Athens government not enforcing the agreed upon austerity measures kept equities from rallying.
Meanwhile, the Troika, composed of the European Union, European Central Bank and the International Monetary Fund, said in its latest report on Greece's debt sustainability that "additional debt relief" will be required in the future.
Chelsea Therapeutics gave back 30% after its drug was declared unsafe by U.S. regulators.
Macy’s Inc advanced 2.1% on fourth quarter profits beating estimates.
Radio Shack fell 8% after stating it expects lower margin smart phones to continue to effect earnings.
Wal-Mart gave back 4% upon missing analyst’s fourth quarter profit estimates.
Wynn Resorts led the S&P 500 higher adding 6.4% bought out its largest, troubled shareholder.
After the close of European trade, the EURO STOXX 50 fell 0.34%, France's CAC 40 gave back 0.21%, while Germany’s DAX dropped 0.58%. Meanwhile, in the U.K. the FTSE 100 dipped 0.29%.
Investors are awaiting U.S. home sales, euro zone manufacturing and service sector activity and Australian wage price inflation on Wednesday.