Blue chips moved back into positive territory for the year, as markets celebrated a Greek debt deal. Bobbi Rebell reports.
The Greek debt deal fueled a broad-based rally on Wall Street, lifting the blue chips back into positive territory for the year. Tech and consumer cyclicals led the way higher. Euro zone leaders said they'll give Greece a possible $95 billion over three years, but only if Athens enacts a series of reforms on a tight timetable. Standard & Poor's economist Paul Sheard: SOUNDBITE: PAUL SHEARD, CHIEF GLOBAL ECONOMIST, STANDARD & POOR'S RATINGS SERVICES (ENGLISH) SAYING: "The potentially destabilizing event of a so-called Grexit and exit from Monetary Union by Greece, an event that was never supposed to happen, that event will be avoided. And that's certainly going to calm nervous around the global markets." Shares of both Marathon Petroleum and MarkWest rose. Marathon is buying gas processor MarkWest for more than $15 billion. Netflix shares rose after Goldman Sachs significantly hiked its price target. Goldman sees the video streaming company continuing to beat analysts' earnings estimates as it expands globally and grows its margins. Apple rose on an upgrade. Societe Generale raised its rating to "buy" from "hold," citing the September launch of the new iPhone 6s and growth in App Store revenues. Separately, sources tell Reuters that antitrust regulators are looking into the big cut the App Store takes from Apple's music streaming rivals. Airline stocks like Delta and Alaska Air took off after oil prices tumbled. Iran and the six major powers closed in on a nuclear deal that would let Iran expand sales of its oil onto world markets. Markets in Europe staged a relief rally on news of the Greek deal.