Modest stock gains evaporate late in the day as violence erupted in Greece. Jeanne Yurman reports.
Stocks erased modest gains, as violence broke out in Greece ahead of a key vote on a bailout package. Earlier in the day Federal Reserve Chair Janet Yellen delivered a semiannual report to Congress. She reiterated that interest rates could rise this year. And that the turmoil abroad wouldn't likely derail the U.S. economy. SOUNDBITE: JANET YELLEN, CHAIR, FEDERAL RESERVE (ENGLISH) SAYING: "Economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity." Heading higher, financial stocks, which benefit from higher rates. And helping to boost the group: Bank of America reported its biggest quarterly profit in four years. Earnings news after the bell: chip giant Intel's earnings and sales beat forecasts while Netflix reported strong subscriber growth. In economics news, industrial output rose in June. Producer prices rose more than expected, indicating the downdraft in prices may be abating. And the Fed's Beige book -a snapshot of U.S. economic activity -showed ongoing economic expansion. In Europe, stocks posted modest gains as investors shied away from making big bets ahead of a Greek vote on the bailout package. But they finished flat in Britain.