US stocks ended with slight gains on Tuesday, with the Nasdaq eking out another record close while investors continued to await clarity on whether Greece could reach a deal to prevent defaulting on its loans. The day's action was quiet, with trading volume below average.
While energy shares rose alongside a jump in the price of crude oil, a sharp rise in the US dollar capped broader gains. While there were no major developments involving Greece, investors continued to hope that the country's newest budget proposals - introduced on Monday - would avert a looming default.
Greece needs fresh funds to avoid defaulting on a USD1.8 billion debt repayment to the International Monetary Fund on June 30. Equities have been largely driven by Greece lately, with investors concerned that if the country defaults, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations. "The market seems to expect that this will end favorably, or at least benignly, but I think people need to be nimble right now as circumstances could change at any time," said Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut.
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