The broader U.S. stock market averages rallied from earlier losses and closed 0.5% to 0.65% across the board. As the Greek debt saga continues to play out, our Federal Open Market Committee met today and will offer an interest-rate decision, one way or another, Wednesday afternoon.
Consumer staples, telecom and energy names led the way higher on the session. Elsewhere, the yield on the benchmark, 10-year U.S. Treasury note fell 4.8 basis points to 2.308%.
Coty (COTY) was the big winner of the session, moving 19% higher. The New York Post reported that the company would buy beauty brands from Procter & Gamble (PG) for $12 billion. Procter shares also gained fractionally.
Elsewhere, NCR (NCR) gained more than 10%, following a Reuters report that Blackstone (BX) and Carlyle (CG) are preparing a joint bid for the maker of cash registers and automated-teller machines. On the other hand, Avalanche Biotechnologies (AAVL) fell 56% Tuesday. The company said that its wet age-related macular degeneration treatment failed to meet secondary goals in a clinical trial.
In after-hours action, Adobe (ADBE) was trading fractionally lower after management posted solid May quarterly results, though the August quarter's guidance fell short of expectations.
Looking ahead to Wednesday morning, FedEx (FDX) headlines the earnings calendar. On the economic front, the estimate is for weekly mortgage applications to increase 8.4%.
