U.S. Markets, Footwear Stocks Rally on Greece Debt Deal

On the floor of the New
The floor of the New York Stock Exchange.
Getty Images.

Wall Street has been in the green since the market opened Monday morning after eurozone leaders reached an agreement with Greece on the country’s third bailout loan to avoid a complete economic collapse.

The newest debt deal comes with stringent conditions but could allow Greece to receive up to 86 billion euros, or $96 billion, in new bailout loans.

According to reports from Reuters, Prime Minister Alexis Tsipras must meet a tight timetable for “enacting unpopular reforms of value-added tax, pensions and quasi-automatic budget cuts” in order to make good on the terms of the agreement.

U.S. markets have responded to news of the deal, which came after 20-plus hours of negotiations among the country’s union leaders and finance ministers, with substantial surges.

Market watchers have viewed the rally, in both U.S and world markets’ stocks, as an overwhelming global applause to an agreement that should help Greece to stay in the eurozone, with the euro as its currency.

Footwear stocks showed gains almost unanimously Monday morning. At 10:53 a.m. (EST), Deckers Brands’ share price was up 1.83 percent, to $74.39; Skechers USA Inc. gained 2.10 percent, to $121.40; Under Armour surged 3.06 percent, to $88.88; Caleres was up 1.83 percent, to $32.79; and Nike Inc. had a gain of 1.58 percent, to $112.27.

The Dow Jones, Nasdaq Composite and S&P 500 have been up sharply since early-morning trading.

At 10:58 a.m. (EST), the Dow was up 201.96 points, or 1.14 percent, to 17,962.38; the Nasdaq gained 62.28 points, or 1.25 percent, to 5,059.97; and the S&P 500 was up 19.38 points, or 0.93 percent, to 2,096.

Last week, global markets and footwear stocks had slumped as Greece’s debt ordeal reached critical levels.