Stocks Gain with Improved Outlook for Greece

U.S. stocks started with mild gains on Tuesday, supported by expectations that Europe was moving closer to a near-term resolution of Greece’s debt problems. The Dow Jones Industrial Average lately rose 32.89 points, or 0.27%, to 12,113.27. The S&P 500 added 5.78 points, or 0.45%, to 1,284.14. The Nasdaq Composite added 15.27 points, or 0.58%, to 2,644.93. Airbus benefited Tuesday from airlines’ worries about sky-high fuel prices, winning customers for scores of its more fuel- efficient planes at the Paris Air Show as it jockeyed with Boeing for the spot as world’s biggest planemaker.

Drugstore chain operator Walgreen Co said it was unable to renew an important contract with a major pharmacy benefits manager and faces continued pressure from government reimbursement policies, sending its shares down nearly 4 percent in premarket trading.

John Paulson’s $37 billion hedge fund sold its entire stake in Sino-Forest Corp. (TRE), the Chinese tree-plantation owner accused of overstating timber holdings, dealing investors a potential C$705 million ($720 million) loss.

Oil prices rose above $94 a barrel Tuesday as the euro strengthened against the dollar on hopes that Greece will be able to avoid defaulting on its debts. By early afternoon in Europe, benchmark oil for July delivery was up $1.17 to $94.43 a barrel in electronic trading on the New York Mercantile Exchange.

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