U.S. Stocks Little Changed as Greece Negotiates

By Rita Nazareth - Feb 8, 2012 9:33 PM GMT+0700

U.S. stocks were little changed, a day after the Dow Jones Industrial Average reached the highest level since 2008, as Greek leaders discussed measures needed to qualify for rescue funds.

The Standard & Poor’s 500 Index rose 0.1 percent to 1,347.75 at 9:31 a.m. New York time. The Dow slipped 3.18 points, or less than 0.1 percent, to 12,875.02.

“We’re all tired of discussing Greece at this point,” Peter Boockvar, equity strategist at Miller Tabak & Co. in New York, wrote in a note to clients. “With the debt deal in Greece just about done, what’s left we all know is the budget steps Greece needs to take in order to secure Bailout II funds.”

Global equities advanced, leaving the MSCI All-Country World Index poised to complete a bull market rally of 20 percent from October’s lows. Greek Prime Minister Lucas Papademos is set to negotiate with leaders of the political parties supporting his caretaker government after he missed another deadline to secure a second aid package.

German Chancellor Angela Merkel’s government is readying plans for parliamentary votes on a bailout for Greece as soon as next week while Greek political leaders struggle for consensus on terms of the aid, the deputy floor leader of Merkel’s party said.

The S&P 500 yesterday closed 1.2 percent away from its peak nine months ago, which was the highest level since June 2008. The index rose 7.1 percent this year through yesterday amid better-than-expected economic data and corporate profits. Earnings beat projections at 68 percent of the 299 companies in the S&P 500 that reported quarterly results since Jan. 9, according to data compiled by Bloomberg.

To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net