Stocks Rallied for a Second Straight Session

U.S. stocks rallied for a second straight session on Tuesday on hope for a resolution to Greece’s debt crisis. The Dow Jones Industrial Average rose 145.13 points, or 1.21%, to 12,188.69. The Standard & Poor’s 500 Index climbed 16.57 points, or 1.29%, to 1,296.67. The Nasdaq Composite Index gained 41.03 points, or 1.53%, to 2,729.31.

Greek lawmakers will vote Wednesday and Thursday on measures which must be passed to receive the next payment. If Greece doesn’t get the funds, investors fear a Europe-wide crisis and credit market freeze could follow. Also helping sentiment, progress was reported in talks to persuade European banks and insurers to voluntarily roll over maturing Greek debt.

French Finance Minister Christine Lagarde was selected Tuesday as the next managing director of the International Monetary Fund, ending a month of debate about who should run the institution.

Government bond prices are falling as hopes Greece will avoid default sap demand for the relative safety of U.S. Treasurys.At a Treasury auction Tuesday afternoon, investors placed bids for 2.6 times the $35 billion in five-year notes up for sale. That’s the weakest show of demand for an auction of five-year notes since June 2010.

Oil futures rose on Tuesday to their best in nearly a week. Crude for August delivery rose $2.28, or 2.5%, to $92.89 a barrel on the New York Mercantile Exchange.

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