US markets

U.S. stocks closed the second quarter with a fourth straight day of gains as encouraging Chicago-area economic data and a pledge from German banks to support heavily indebted Greece whetted investors' risk appetite. The Dow Jones Industrial Average finished up 152.92 points, or 1.3%, to 12414.34. Intel led the Dow higher, rising 77 cents, or 3.6%, to 22.16, while Caterpillar jumped 3.10, or 3%, to 106.46. The blue-chip index is up nearly 480 points this week, its biggest four-day point gain since July. The Standard & Poor's 500-stock index jumped 13.23 points, or 1.0%, to 1320.64, led by industrial, energy and technology stocks. All 10 of the S&P 500's sectors closed in positive territory. The technology-heavy Nasdaq Composite advanced 33.03 points, or 1.2%, to 2773.52. Investors ended a volatile quarter on a positive note.

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Markets were wracked by worries over a possible default by heavily indebted Greece. Weak U.S. economic data also weighed on sentiment, which forced the Dow down seven out of the last eight weeks prior to the current week. More clarity pertaining to Greece has prompted a swift rally this week. But investors caution not to look too deeply into the four straight days of gains, especially as fund managers tend to adjust their portfolios around quarter's end. German banks agreed Thursday to take part in a new aid program for Greece by accepting longer maturities for bonds that currently are due by 2014, helping the country avoid a default. Also boosting sentiment, a survey of Chicago-area purchasing managers handily beat economists' expectations. Strong gains this week from the energy, tech, material and industrial sectors, which have each risen more than 4.5%, helped pare the quarter's overall losses.

European markets

European stocks ended June on a strong note on better than expected U.S. data and a second positive vote in Greece on an austerity plan. The win for Prime Minister George Papandreou clears the way for international lenders to move forward with plans to provide Greece with a new bailout package to prevent it from defaulting on its debt. The Stoxx Europe 600 index closed up 1.1% at 272.86, its fourth consecutive gain, slicing the loss for the month to 2.9%. Greece's ASE Composite index rose 1.1% to 1279.06, as sports betting and lottery operator OPAP jumped 4% and utility Public Power Corp. gained 2.8%. News that German banks will follow in French footsteps and roll over some Greek government debt also helped underpin sentiment, even as analysts continued to caution that all the measures surrounding Greece represent only a short-term fix to a long-term problem. European stocks followed Wall Street higher after the Chicago purchasing managers index climbed to 61.1 in June against 56.6 in May. Economists had expected a fall. Investors also digested a euro-zone inflation rate that held steady in June, rather than creeping higher, as economists expected. But hawkish comments from European Central Bank President Jean-Claude Trichet cemented the view that the European Central Bank will raise interest rates at next week's meeting. Among major European indexes, the U.K.'s FTSE 100 advanced 1.4% to 5936.13, Germany's DAX climbed 1.1% to 7376.24 and France's CAC-40 gained 1.5% to 3982.21. Shares of London Stock Exchange Group surged 11% on a Wall Street Journal report that Nasdaq OMX Group was weighing a possible approach for the U.K. exchange operator after a planned merger between LSE and Canada's TMX Group was called off. Lloyds Banking Group soared 9.7% after announcing plans to cut 15,000 jobs and pull out of most international markets as it seeks to return to profitability.

Asian markets

Asian markets pulled higher Thursday as relief buying in the region's equities spilled into another session after Greece moved closer to receiving more aid to avoid a sovereign default. Hong Kong and Australian stocks led the advance, which followed the approval of debt-reduction measures in a vote by the Greek parliament Wednesday. Hong Kong's Hang Seng Index rallied 1.5% to 22398.10, not enough to keep it from being the worst performer among major Asian benchmarks in June, ending the month with a loss of 5.4%. Elsewhere, China's Shanghai Composite rose 1.2% to 2762.08, Japan's Nikkei Stock Average ended the day 0.2% higher at 9816.09, South Korea's Kospi rose 0.3% to 2100.69 and Taiwan's Taiex added 0.9% to 8652.59. The reduced likelihood of a Greek default helped many of the region's financial firms. HSBC Holdings rose 1.4% in Hong Kong, while Mitsubishi UFJ Financial Group rose 2.1% and Sumitomo Mitsui Financial Group tacked on 1.3% in Tokyo. Cathay Financial Holding gained 1.5% in Taipei. Samsung Electronics fell 0.8% after the company said it filed a patent complaint against Apple in the U.S., following Apple's legal action against the South Korean electronics maker last week which in turn followed earlier legal exchanges between the two around the globe. Shares of China's BYD soared on their debut in Shenzhen, finishing at 25.45 yuan ($3.92), up from their initial public offering price of 18 yuan. The car and battery maker's Hong Kong-listed stock gained 5.7%, more than making up for Wednesday's 5% drop, which followed the company's report of disappointing results. A sharp and rapid rebound for crude-oil prices recently further spurred shares of energy producers. Cnooc rose 2% in Hong Kong, PetroChina added 0.9% in Shanghai and Inpex added 0.5% in Tokyo.

Base metals

Base metals closed mostly higher on the London Metal Exchange Thursday after a stronger euro and improved risk sentiment drove bellwether copper to its highest level in nine weeks. LME three-month copper traded as high as $9,430 a metric ton, before closing the day at $9,429/ton up 1.2% on Wednesday's afternoon kerb close. It is the highest the red metal has traded since April 28 and significantly up on its week-ago low of $8,911/ton. Oil futures finished slightly higher Thursday, extending their rally for a second day on expectations that Greece's debt crisis would be resolved. Light, sweet crude for August delivery settled up 65 cents, or 0.7%, at $95.42 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange fell 35 cents, or 0.3%, to $112.18 a barrel. Futures held onto sharp gains from earlier in the week after Greece's parliament approved legislation implementing a five-year, EUR28.4 billion austerity plan. The plan paves the way for another round of aid from the International Monetary Fund and the euro zone. The vote helped send the euro rallying over the dollar, supporting oil prices. Gold futures fell for the first time in three days as traders favored riskier assets after another successful austerity vote in Greece. The most actively traded contract, for August delivery, fell $7.60, or 0.5%, to $1,502.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

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