Stocks Opened Higher on Greek Deal Hopes

U.S. stocks opened higher on Monday, on speculation that European Union leaders could avert a Greek bankruptcy. The Dow Jones Industrial Average lately rose 122.01 points, or 0.68%, to 18,137.96. The S&P 500 gained 14.20 points, or 0.67%, to 2,124.19. The Nasdaq Composite jumped 33.93 points, or 0.66%, to 5,150.93.

Euro zone officials welcomed Greek concessions on Monday as a possible step toward a deal on averting a default, but politicians dismissed expectations of a breakthrough at a summit later in the day to secure the country’s future in the euro.

Health insurer Cigna Corp (CI) rebuffed Anthem Inc’s (ANTM) $47 billion merger proposal on Sunday, saying it was “deeply disappointed” with Anthem’s recent actions and the offer was not in the best interest of shareholders.

Fifth Third Bancorp plans to close or consolidate about 100 branches and has abandoned plans for 30 new ones. The changes will cost the company between $75 million and $85 million in impairment charges during the second quarter.

Oil prices rose toward $64 a barrel on Monday. Brent crude for August delivery was up 53 cents at $63.55 a barrel by 7.30 a.m EDT.

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