U.S. stocks rose Tuesday on investors' relief that help for Greece may finally arrive.
The S&P 500 Index is up 14.93 points, or 1.41 percent, to trade at 1,071.67 at 3:06 p.m. EST. The Dow Jones Industrial Average gained 174.05 points, or 1.76 percent, to trade at 10,082.44.
In the morning, the rally was fueled by claims that European Central President Jean-Claude Trichet changed his flight plans in order to meet with European leaders on Thursday at the EU Economic Summit.
In the afternoon, U.S. stocks rallied on reports that German legislators are considering various efforts to aid Greece. Germany is considering a coordinated effort to offer loan guarantees for Greece and other troubled members of the European Union, although no decision has been reached, the Wall Street Journal reported.
The basic materials sector led the rally as the Dow Jones U.S. Basic Materials Index gained 3.10 percent. The American Depository Receipts (ADRs) of BHP Billiton (NYSE:BHP) are up 5.01 percent and those of Rio Tinto (NYSE:RTP) are up 6.81 percent.
The ADRs of National Bank of Greece (NYSE:NBG), after getting battered in previous session, gained 23.98 percent today.
Greek government bonds rose while their yields fell and the cost of insuring the sovereign debt of Greece, Portugal, and Spain all fell today.
Some U.S. stocks also rose as they reported solid earnings.
Coca-Cola (NYSE:KO) met expectations today when it reported fourth quarter earnings. The figure, however, is up 55 percent year-on-year and growth was 29 percent in China and 20 percent in India. It is trading up 3.27 percent.
Coventry Health Care (NYSE:CVH) beat earnings estimates of $0.56 per share when it reported an EPS of $0.74. It is trading up 3.92 percent.
Harman International (NYSE:HAR) greatly exceeded estimates when it reported earnings after the markets closed yesterday; analysts were expecting earnings $0.07 per share while Harman reported $0.40, excluding charges. It is trading up 15.55 percent.
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