Stocks posted gains for the fourth day on Tuesday on growing hopes that Greece will avoid a debt default, adding momentum to the market's recent rebound.
The Nasdaq had its biggest percentage gain since October, while the S&P 500 marked its best day in two months in what investors believe could be continued short-term buying from deeply oversold levels.
The Nasdaq reclaimed positive territory for the year and led the market's advance, boosted by a jump in semiconductor stocks. A semiconductor index (Nasdaq:^SOX - News) shot up 2.5 percent, its best gain since April.
In a vote after the market's close, Prime Minister George Papandreou's cabinet won a vote of confidence. It is seen as the first step in moving closer to a resolution of Greece's debt crisis.
It could pave the way for more aid and also remove a source of constant worry about global banks' exposure to the euro zone's debt problems. The PHLX KBW Bank Index (Philadelphia:^BKX -News) gained 1.1 percent after touching a 52-week high earlier in the day.
"If you're an investor, you don't want this Greek debt crisis to touch off another round of financial contagion around the world," said Michael Sheldon, chief market strategist of RDM Financial, in Westport, Connecticut.
Volume was lighter than normal, however, with just 6.69 billion shares traded on the New York, Nasdaq and NYSE Amex exchanges, compared with a daily average of 7.58 billion.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,190.01 |
|---|---|
| Trade Time: | 4:02PM EDT |
| Change: |  109.63 (0.91%) |
| Prev Close: | 12,080.38 |
|---|---|
| Open: | 12,081.33 |
| Day's Range: | 12,081.18 -12,217.33 |
| 52wk Range: | 9,596.04 -12,928.50 |
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