Reuters
May 31, 2011
Hopes of more financial aid for debt-stricken Greece lifted Wall Street on Tuesday, but a sharp bounce at the open lost momentum as more weak economic data eroded investor confidence.
Stocks rose more than 1 percent at the open, but retreated after disappointing economic reports on housing, consumer confidence and manufacturing echoed recent lackluster data that has drive the Standard & Poor’s 500 down around 2 percent in May, its worst month since last August.
Rising expectations for a second aid package for Greece helped ease one of the uncertainties in the market, sending the dollar lower against the euro and providing a catalyst to raise the prices of dollar-denominated commodities, which lifted sectors of the equity market.
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