US stocks edge higher as investors follow Greek debt talks
NEW YORK (AP) — The U.S. stock market stabilized on Tuesday as investors followed the latest developments in the Greek debt saga.
On Tuesday, the office of the Greek Prime Minister said that Greece remains at the negotiating table, and that the government has proposed a two-year deal with Europe's bailout fund.
Investors are concerned that if Greece defaults on its debts the nation will eventually drop out of the euro currency, a move that could potentially set off turmoil in financial markets.
Even though the standoff in Greece is a far removed from the U.S., the global nature of financial markets will ensure that any ripple effects will be felt across the Atlantic, said Mike Ryan, chief investment strategist at UBS Wealth Management Americas.
"Whatever happens here, even if it's the worst case scenario and Greece drops out (of the euro), the pullback probably wouldn't be gigantic," said Scott Wren, a senior global equity strategist at the Wells Fargo Investment Institute.
In the U.S., Willis Group Holdings rose $1.50, or 3.3 percent, to $46.90 after the insurance broker said it will combine with Towers Watson in an all-stock deal valued at about $18 billion.
Puerto Rico's governor said Monday night he will form a financial team to negotiate with bondholders on delaying debt payments and then restructuring $72 billion in public debt that he says the U.S. island can't repay.