Stocks, Commodities up on Approval of Greek Rescue: Daily Market Wrap

The financial world welcomed Tuesday's approval of Greece's plans for what amounts to an orderly default with gains in global stocks and commodities.

Euro zone finance ministers and Greek leaders ended a long wrangle over how to rescue the debt-choked Hellenic republic with a pre-dawn approval of a $171 billion (130 billion euro) bailout package that requires bondholders to voluntarily accept big cuts in the value of their holdings.

Markets responded positively, perhaps more because the now seven-month-old drama was over than because of the rescue itself, which some analysts warn will only postpone a disorderly default.

Stocks. The Dow Jones Industrial Average briefly topped 13,000 - a level not seen since May 2008. Since Dec. 19, the index has risen nearly 13 percent. Asian stocks were mostly higher, European equities mostly lower and U.S. stocks mixed.

Bonds. U.S. Treasury yields climbed to 2.2 percent -- a gain of more than 20 percent since the end of last month.

Currencies. The euro rose against the dollar, at one point reaching $1.3292. Some technical analysts think the euro zone's single currency could climb to $1.40. The euro also increased to a three-month high against the yen.

Commodities. The falling dollar helped commodities. Coffee, live cattle, soybeans and sugar all rose. Crude oil soared more than two percent to $105.87, a nine-month high, and copper soared more than 3 percent.