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The Standard & Poor’s 500 Index rose, rebounding from the lowest level in two months, as Greece attempted to form a new government and a decline in American jobless claims helped allay concern of a labor market setback.
Equities rose as former Greece Finance Minister Evangelos Venizelos attempted to form a government that will ensure the nation remains in the euro area. In the U.S., first-time claims for jobless benefits fell last week to a one-month low. Global stocks slumped yesterday amid concern Greece’s debt crisis is worsening as the nation struggles to form a coalition government. The standoff has reignited concerns over its ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split, the country at the epicenter of the debt crisis is again facing the risk of an exit from the euro.
Technology shares had the only decline in the S&P 500 among 10 industries. Cisco (CSCO), the biggest maker of computer-networking equipment, slumped 9.5 percent to $17. Chief Executive Officer John Chambers said orders from big companies fell in the third quarter, and it’s taking longer to sign large deals with corporate customers. Cisco is also concerned about demand from Europe, India and government agencies, he said.
MEMC Electronic Materials Inc. sank 22 percent to $2.54, the lowest on a closing basis since November 2001. The second- largest U.S. polysilicon maker, posted a first-quarter loss 20 times greater than a year earlier as solar sales declined by more than one-third.
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