Stocks Rebound on Hopes of Greece Deal

U.S. stocks rebounded on Tuesday, fueled by hopes that Greece and its lenders may find a last-minute measure to avert a default. The Dow Jones Industrial Average lately rose 85.15 points, or 0.48%, to 17,681.50. The S&P 500 added 9.30 points, or 0.45%, to 2,066.94. The Nasdaq Composite gained 26.07 points, or 0.53%, to 4,984.54.

The European Commission made its final push to try to persuade Greek Prime Minister Alexis Tsipras to accept a bailout deal he has rejected before.

Greek Finance Minister Yanis Varoufakis said Tuesday that his country would not make a debt payment to the International Monetary Fund by a midnight deadline, setting the stage for a tense showdown with its international creditors ahead of an effective national referendum on its membership of the euro currency.

U.S. home prices increased at a solid clip in April, led by double-digit jumps in Denver and San Francisco. The Standard & Poor’s/Case-Shiller 20-city home price index rose 4.9 percent in April from 12 months earlier, roughly the same annual pace as March, S&P Dow Jones Indices said Tuesday.

Puerto Rico will seek to delay payments on the island’s $72 billion debt load for “a number of years” as part of a plan to bolster the commonwealth’s finances and revive its economy, Governor Alejandro Garcia Padilla said.

Cisco Systems Inc said on Tuesday it would buy OpenDNS, a privately held cloud-based security company, for $635 million in cash and equity awards to beef up its security business.