NEW YORK: The Standard & Poor’s 500 Index reached a record for a second day on speculation that the Greek debt impasse is easing while oil prices erased earlier declines.
Medtronic Plc rose after its quarterly profit beat analysts’ estimates, helping lift S&P 500 health-care companies 0.5 percent. West Texas Intermediate crude rallied 1.4 percent, and energy stocks were little changed after earlier losing more than 1 percent.
The S&P 500 climbed 0.1 percent to 2,100.00 at 4 p.m. in New York. U.S. markets were closed for a holiday on Monday.
“We’ve had a pretty sizable rally here,” Randy Frederick, managing director of trading and derivatives at Charles Schwab Corp., said by phone. His firm oversees $2.45 trillion in client assets. “Oil prices were heading lower earlier and now they’ve turned around. The developments in Greece are big, but I’d say this is more oil.”
Greece’s government may request an extension of its loan agreement for six months, according to a person familiar with the matter, a step that could ease a standoff with creditors over the country’s future financing.
Discussions aimed at finding common ground between Greece and its creditors ended on Monday without breaking an impasse. With no deal, the government could run out of money by March and be forced to choose between breaking election promises or abandoning the euro.
The S&P 500 rose to an all-time high last week as technology shares rallied and oil rebounded to end stocks’ longest dip since 2013. Signs of easing tension between Greece and European leaders also helped push U.S. equities higher.
