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Wall Street ends stronger

Wednesday, July 08, 2015 - 01:33

Despite continued concerns about the Greek debt crisis and China's economy, U.S. stocks closed out Tuesday's choppy session with gains. Bobbi Rebell reports.

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An emergency meeting of euro zone leaders to discuss the Greek debt crisis had markets on edge. But stocks came back from losses to close higher after a choppy session on Tuesday. Greek Prime Minister, Alexis Tsipras, has been ordered to present a proposal by Thursday for EU leaders to vote on at a meeting Sunday. Concerns about China's economy and its sliding stock market have hit commodities, including copper which hit a six-year low. Oil prices rebounded after trading close to four percent lower in Tuesday's session. Casino operator Pinnacle Entertainment's shares bolted higher after Gaming and Leisure Properties upped the ante. The real estate company raised its hostile bid for Pinnacle's real estate assets to $5 billion from $4.1 billion. Horizon Pharma turned hostile after being rejected by the drugmaker, Depomed. It reiterated its original bid. Depomed 's shares soared but stopped short of the offer price. A shakedown at Shake Shack. Morgan Stanley cut the burger chain operator's rating to "underweight" from "equal weight," saying its valuation is too fat. Carnival got the thumbs up from the U.S. to run cruises to Cuba. But it's still in talks to get the OK from Cuba. Carnival plans to launch the route in May. Shares fell. Taking a deeper dive: Advanced Micro Devices. The chipmaker cut its second quarter revenue forecast, blaming weaker-than-expected demand for PCs. European shares fell further, but there was no sign of panic ahead of the euro zone summit.

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Wall Street ends stronger

Wednesday, July 08, 2015 - 01:33