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U.S. stocks rebound following heavy sell-off

Xinhua, July 1, 2015 Adjust font size:

U.S. stocks traded mildly higher around midday Tuesday, a day after their worst session of the year, as investors were assessing the impacts of the unfolding Greek debt crisis.

At noon, the Dow Jones Industrial Average added 28.12 points, or 0.16 percent, to 17,624.47. The S&P 500 gained 4.94 points, or 0.24 percent, to 2,062.58. The Nasdaq Composite Index rose 22.66 points, or 0.46 percent, to 4,981.13.

Greek government proposed a two-year debt deal with the European Stability Mechanism in a last-minute bid to avert the countdown to default and a possible Grexit, Greek Prime Minister Alexis Tsipras' office said in a statement Tuesday.

The Greek government stressed that Saturday's decision to call a referendum for July 5 on the draft agreement lenders made last week "was not the end of negotiations."

The statement was issued just a few hours before the extended Greek bailout expires Tuesday midnight amid increased concern about a looming default and possible Grexit.

According to government sources, at the same time Prime Minister Alexis Tsipras was ready to travel to Brussels, Belgium, later Tuesday to discuss the proposal with European partners.

Earlier on Tuesday Greek Finance Minister Yanis Varoufakis said that Athens would not repay the loan installment due to International Monetary Fund Tuesday.

On the economic front, the New York-based research group Conference Board said Tuesday in its monthly survey that U.S. consumer confidence continued to increase in June. The Conference Board Consumer Confidence Index rose from 94.6 in May to 101.4 in June, well above market consensus of 97.4.

U.S. stocks suffered big losses Monday, with the Nasdaq diving 2.40 percent, as the deteriorating Greek debt crisis rattled market sentiment. Endite