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1st LD Writethru: U.S. stocks eke out modest gains amid Greece concerns

Xinhua, February 18, 2015 Adjust font size:

U.S. stocks closed slightly higher despite the lack of resolution in the Greece-eurozone standoff over Greek debt Tuesday, with the S&P 500 eclipsing previous session's record highs.

The Dow Jones Industrial Average rose 28.23 points, or 0.16 percent, to 18,047.58. The S&P 500 added 3.35 points, or 0.16 percent, to 2,100.34. The Nasdaq Composite Index edged up 5.43 points, or 0.11 percent, to 4,899.27.

Eurozone finance ministers were unable to reach a final agreement with the Greek government on the bailout program Monday, Eurogroup President Jeroen Dijsselbloem said at a press conference.

"We simply need more time. The best way to do that is to extend the current program," Dijsselbloem said.

Greece's current bailout expires at the end of the month, and Prime Minister Alexis Tsipras' government has refused to extend it on current terms.

According to media reports citing unnamed sources, Greece, however, intends to seek an extension on its debt obligations Wednesday.

On the economic front, the Empire State Manufacturing Index for February fell to 7.78 from January's reading of 9.95, the Federal Reserve Bank of New York said in a survey Tuesday. The latest figure missed market consensus, but still indicated that business activity continued to expand at a modest pace for New York manufacturers.

U.S. builder confidence in the market for newly built, single- family homes in February decreased 2 points to a level of 55 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.

"Overall, builder sentiment remains fairly solid, with this slight downturn largely attributable to the unusually high snow levels across much of the nation," said NAHB Chairman Tom Woods.

Investors are also expecting the closely watched Federal Reserve's minutes of its most recent policy meeting scheduled for release Wednesday.

Oil prices continued to rally Tuesday, with Brent crude hitting a 2015 high of 63 U.S. dollars a barrel, as the drop of rig count drove up the market.

U.S. stock markets were closed for Presidents' Day Monday.

On Friday U.S. equities added gains, with the S&P 500 refreshing its record highs and the Dow above 18,000 for the first time in 2015, buoyed by upbeat eurozone growth data and a recovery in oil prices. Endite