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1st LD Writethru: U.S. stocks rebound despite Greece uncertainty

Xinhua, July 1, 2015 Adjust font size:

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

The Dow Jones Industrial Average rose 23.16 points, or 0.13 percent, to 17,619.51. The S&P 500 increased 5.48 points, or 0.27 percent, to 2,063.12. The Nasdaq Composite Index was up 28.40 points, or 0.57 percent, to 4,986.87.

The Eurogroup will hold another teleconference Wednesday morning to discuss new proposals from Greece, said the spokesman of Eurogroup President Jeroen Dijsselbloem on Tuesday.

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

The statement was issued hours before the ongoing Greek bailout was due to expire on Tuesday at midnight amid increased concern over Greece's dire financial straits.

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

European equities declined on Greece news on Tuesday, with the French benchmark index CAC 40 dipping 1.63 percent.

In Asia, Chinese shares bounced back from early morning losses and closed sharply higher on Tuesday following a nightmarish fortnight. The benchmark Shanghai Composite Index plummeted over 5 percent in early trading before ending at 4,277.22 points, up 5.53 percent.

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