US stocks ended higher after a choppy session today, as a rebound in US oil prices helped offset concerns about a slowdown in China and the Greek debt crisis.
The S&P energy index reversed course to trade up 0.9 percent as US crude oil rose 0.7 percent after trading as much as 3.7 percent lower earlier in the day.
Oil markets have been keeping a close eye on negotiations between Iran and six major powers over a nuclear deal. The sides gave themselves at least until Friday to reach an agreement on the Iranian nuclear program, but a source from one of the powers said on Tuesday they had to wrap up in the next 48 hours.
Concerns about China’s economy and its sliding stock market have weighed recently on an already ravaged global commodity sector, with prices of copper, coal, natural gas and iron ore falling towards their 2015 lows.
Euro zone leaders held an emergency meeting in Brussels and plan another on Sunday to approve a plan to aid Greece if creditor institutions are satisfied in the meantime with a Greek loan application and reform commitments.
German Chancellor Angela Merkel said she expected a formal loan request from Athens on Wednesday and more detail on how Greece would cooperate to make its economy more competitive on Thursday, in order to seek the approval of the German parliament to start negotiations.
The Dow Jones industrial average rose 93.33 points, or 0.53 percent, to end at 17,776.91. The S&P 500 gained 12.58 points, or 0.61 percent, to 2,081.34 after briefly falling below its 200-day moving average. The Nasdaq Composite added 5.52 points, or 0.11 percent, to 4,997.46.
European shares extended their losses as Greece launched a desperate bid to win fresh aid from sceptical creditors at an emergency euro zone summit, billed as the last chance for Athens to cut a rescue deal.
German Chancellor Angela Merkel said there were only days left to secure a deal, while Greek officials denied suggestions that Athens had not put forward new proposals for the emergency summit, held two days after Greek voters rejected conditions for a new bailout in a referendum.
The pan-European FTSEurofirst 300 closed down 1.6 percent and the euro zone Euro STOXX 50 fell 2.1 percent, adding to Monday’s 2.2 percent drop.
Source: Buenos Aires Herald