S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Greek Finance Minister Tones Down Debt Write Off Demand, Stocks Soars 11%

Author: Nigel Thomas
Last Update: 11:01 AM ET February 03 2015

European markets advanced after Greece retreated from its demand to write off debt.

Market indexes of Italy and Spain jumped more than 2% after falling for two days on the worries that a anxieties related to protracted Greek negotiations with the European lenders may spillover in the peripheral markets.

Greek finance minister at a gathering in London with bankers suggested today that Greece will look for ways to exchange current debt with new securities where payments are linked to economic growth.

The level of noise is finally tempered and Greek finance minister Yanis Varoufakis struck a conciliatory tone with international bond investors.

The ASE Index in Athens soared 11% but closed up 9% and the index tracking banks recovered 18% after plunging 44% in January alone.

Yield of 10-year Greek bonds declined 100 basis points to 10.38% and 3-year bonds fell more than 200 basis points to 17.83%. Five-year Greek bond yields declined 150 basis points to 13.99%.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc