May 12 (Bloomberg) -- U.S. and European stocks rose to the highest levels in more than a week as earnings from A.P. Moeller-Maersk A/S to ING Groep NV topped estimates and Europe’s economy expanded more than forecast. Greek bonds rose for a third day and gold climbed to a record.
The Stoxx Europe 600 Index climbed 1.1 percent at 9:34 a.m. in New York as all 19 of its industry groups gained and the Standard & Poor’s 500 Index rose 0.5 percent, with both reaching the highest levels since May 10. Morgan Stanley retreated on a report the bank is being probed for misleading investors in collateralized debt obligations. Greek two-year notes rose, sending their yield below 7 percent, following the near $1 trillion bailout announced by the European Union over the weekend. Gold advanced to a record for a second day. --
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Comment: The Greek part of the global debt drama is over. But the show will go on. Next stages will be California, Japan, China crash with the final act taking place in the core countries of Europe and in the United States.
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