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Stock open higher on hopes of Greek resolution

By Pallavi Gogoi

Associated Press

Published: Tuesday, Jan. 31 2012 7:54 a.m. MST

NEW YORK — U.S. stock markets are reclaiming lost ground on hopes that Greece is heading toward a resolution in the European debt-reduction talks with private creditors.

A deal would mean the beleaguered country may be closer to securing its second bailout package.

Minutes after the opening bell Tuesday, the Dow Jones industrial average is up 60 points, or 0.5 percent, to 12,713.

The broader S&P 500 index is up 7 points, or 0.5 percent, to 1,319. The Nasdaq composite is up 14 points, or 0.5 percent, to 2,826.

The hopes came after a large majority of countries in the European Union late Monday agreed to sign a new treaty designed to stop overspending in the eurozone. Greece's prime minister indicated that progress was being made in his country's debt negotiations.

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