Stocks in all three major U.S. indexes rose on Wednesday as the dollar retreated against the Euro following a budget announcement from Greece. Greece announced a tighter budget, and outlined some of the ways it will endeavor to minimize its massive deficit in the next year. The anticipated spending cuts are valued at approximately 4.8 billion Euros.
Additionally, February data suggesting improvements in several areas from employment to services drove up stocks. Job losses for February were reported at 20,000 according to reports released Wednesday morning from Automatic Data Processing, in line with Wall Street predictions and down 60 percent from January. Jobs cuts at down 77 percent since February of 2009.
Demand for services also improved with a 53 reading on a forecasted 51. In Janury service demand was reported at 50.5
In the hours that followed, the Dow Jones Industrial Average rose 43 points or 0.4 percent to 10,449. The S&P 500 tacked on 6 points or 0.5 percent to 1124 and the Nasdaq gained 10 points or 0.4 percent to 2291.
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