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U.S. stocks advanced, a day after the Standard & Poor’s 500 Index rallied to a seven-month high, as Greek political leaders struck a deal on a package of austerity measures needed to secure international rescue funds.
Greece’s government reached a deal on austerity measures required for a 130 billion-euro ($173 billion) financing package, according to an e-mailed statement from the Greek Prime Minister’s press office. European Central Bank President Mario Draghi signaled the economic outlook has improved, suggesting policy makers may be less inclined to add to stimulus.
Dow 12,904.39 +20.44 +0.16%, Nasdaq 2,925.73 +9.87 +0.34%, S&P 500 1,352.68 +2.72 +0.20%
Visa rallied 4.4 percent to $113.07. Chairman and Chief Executive Officer Joseph W. Saunders is positioning Visa for its next phase of growth after U.S. regulators capped so-called swipe fees, or interchange, that the company charges merchants for debit-card purchases. Visa, which derived about 56 percent of revenue from the U.S. in fiscal 2011, has said it intends to generate more than half from markets abroad by 2015.
Akamai jumped 9.4 percent to $37.67. The company, whose customers include Apple Inc., is benefiting from rising demand for its services as companies seek ways to push data-heavy digital content, such as videos, around the world more quickly. A surge in Web shopping bolstered
Groupon tumbled 13 percent to $21.41. The company has expanded to 47 countries and set up a new international headquarters in Switzerland. That contributed to a higher-than- expected $34.8 million in taxes, Chief Financial Officer Jason Child said.
PepsiCo Inc. dropped 3.5 percent to $64.43. The company plans to cut 8,700 jobs and boost marketing spending for its brands by as much as $600 million as Chief Executive Officer Indra Nooyi works to turn around the world’s largest snack-food maker.
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