Stocks Rise with Outlook for Greece Debt Swap

U.S. stocks extended gains into a second session on Thursday as reports signaled enough Greek-bond holders had agreed to tender their debt for new Greek bonds, removing the last big obstacle to Greece’s second bailout package. The Dow Jones Industrial Average closed up 70.61 points, or 0.55%, to 12,907.94. It’s still modestly lower for the week. The S&P 500 ended up 13.28 points, or 1.18%, to 1,365.91. The Nasdaq Composite added 34.73 points, or 1.18%, to 2,970.42.

Greece completed a crucial debt swap with private creditors on Thursday, clearing the way for the country to substantially lower its debt burden and moving it closer to receiving a badly needed second official bailout, according to media reports. Bondholders representing some 85% of Greece’s outstanding private-sector debt, well above the government’s minimum threshold, have signed up to take part in the swap,

Texas Instruments Inc.lowered its revenue and earnings outlook for the first quarter.It now expects revenue in the range of $2.99 billion to $3.11 billion, compared with a previous range of $3.02 billion to $3.28 billion. The company said it expects to earn 15 to 19 cents a share, compared with a previous range of 16 to 24 cents a share.

Starbucks Corp. says it will soon sell a single-cup coffee machine for people to brew lattes and other coffee drinks at home. The Seattle-based coffee chain says the Verismo will go on sale this fall. It’s keeping the price of the machine a mystery for now.

Crude-oil futures on Thursday extended gains to a second session amid growing optimism that Greece will be able to clinch its crucial debt-swap deal. Oil for April delivery rose 42 cents, or 0.4%, to settle at $106.58 a barrel on the New York Mercantile Exchange.

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