The Wall Street stocks were flat on Tuesday, trimming the modest early losses and helping the S&P 500 retain its record levels as optimism grew over a possible debt deal with Greece.
According to a source, Greece is expected to urge an extension of a loan deal tomorrow.
The stocks report follows a breakdown of deal negotiations between the finance ministers of euro zone and Greece on Monday, which further levied more pressure on the country by the European Union finance minister who asked it to remain in an international financial rescue program.
The US-listed shares of the National Bank of Greece dropped 8.7 percent to USD 1.47.
The development was seen as another sign of progress that resulted in building the sense of optimism that led the major indexes notching a second consecutive week of solid gains last week.
Despite that, the investors continued monitoring the situation minutely, while a fragile truce fueled to the market’s uncertainty.
“While there is concern, and it has become in vogue to say that stocks are expensive, it is hard to say what they’re expensive relative to. Cash remains abundant and interest rates are low, and we should generally go up in an environment like that.,” said Liam Dalton, president of New York-based Axiom Capital Management.
Medtronic Plc gained 3.4 percent to USD 77.83 after the company reported better-than-expected growth in its earnings, which was encouraged by higher sales of its cardiac devices.
Transocean Ltd dropped 0.5 percent to USD 18.96 per day after it cut down its dividend and also announced the exit of its chief executive official.
Celsus Therapeutics plunged 81 percent to USD 1.20 after its lead drug missed a mid-stage study. VBL Therapeutics Inc fell 62 percent to USD 5.32 after it announced its plan to stop development of experimental inflammatory drug to treat psoriasis and ulcerative colitis.
The S&P 500 tumbled 0.36 points or 0.02 percent to 2,096.63; the Dow Jones industrial average dropped 3.3 points or 0.02 percent to 18,016.05; and the Nasdaq Composite fell 0.14 points or -0 percent to 4,893.70.
The tumbling issues have outnumbered the advancing ones on the NYSE 1,586 to 1,431, for a 1.11-to-1 ratio; while 1,435 issues increased and 1,215 dropped for a 1.18-to-1 ratio favoring advancers on the Nasdaq.
The S&P 500 was recording 54 new 52 weeks highs and just two new lows. On the other hand, the Nasdaq Composite was posting 18 new lows as well as 99 new highs.