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U.S. stocks trade narrowly mixed at midday amid Greece hopes

Xinhua, June 24, 2015 Adjust font size:

U.S. stocks traded narrowly mixed around midday on Tuesday as Greek debt talks continue on the positive track.

At noon, the Dow Jones Industrial Average edged up 0.30 point, or less than 0.01 percent, to 18,120.08. The S&P 500 fell 1.42 points, or 0.07 percent, to 2,121.43. The Nasdaq Composite Index lost 6.05 points, or 0.12 percent, to 5,147.92.

With no breakthrough during Monday's Eurogroup summit in Brussels, talks on the long-awaited deal for the Greek debt resolution will be continued with a view to strike a compromise by the weekend, according to the Greek government and its international lenders.

The updated proposal the Greek side submitted on Monday foresees fiscal adjustment measures and fiscal reforms of about 8 billion euros (9.1 billion U.S. dollars) in total for 2015 and 2016, in exchange for the disbursement of more aid to Athens to avert default and a possible exit from the single currency in coming weeks, Greek media reported.

In order to balance the tough measures, the Greek side focuses on European financing of growth boosting measures and the request for a debt relief to ensure the sustainability of the Greek debt load, Greek government sources said on Monday night as the meeting of the leaders was wrapping up.

On the economic front, U.S. new orders for manufactured durable goods in May decreased 4.1 billion U.S. dollars or 1.8 percent to 228.9 billion dollars, exceeding market consensus of a 0.6-percent decline, the Department of Commerce announced Tuesday.

In a separate report, the Department said U.S. sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, beating market expectations. This is 2.2 percent above the revised April rate of 534,000 and is 19.5 percent above the May 2014 estimate of 457,000.

U.S. stocks posted sizable gains on Monday, with the Nasdaq Composite Index setting its fifth closing record for the year, boosted by the improvement in Greek debt situation. Endite