US stocks finished up after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default. Greece, hours from missing a 1.6 billion euro (USD 1.8 billion) payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders. The Greek government indicated that it could change its stance on a referendum it scheduled for Sunday if a new loan request could be agreed, euro zone sources told Reuters. After starting with a rally and then turning negative along with European equities, Wall Street reversed course again in the afternoon on hopes that Greece's Prime Minister Alexis Tsipras was showing signs of willingness to talk.
US corporations have limited exposure to Greece, but investors are concerned about the fallout across Europe if the country exits the euro zone. Volatility picked up on Tuesday also due to the expiration of quarterly options. The expiry of weekly options is a day early due to U.S. Independence Day holiday observance on Friday. On Monday, US stocks had fallen sharply in heavy trading and the S&P 500 and the Dow had their worst day since October 9 due to worries about Greece.
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