Overnight Markets: US stocks up as Greece starts talks on reforms

Wall Street moved slightly up on Wednesday as Greek Prime Minister Lucas Papademos began talks with political leaders on reforms in exchange for a bailout critical to avoiding a chaotic default.

The Dow Jones industrial average gained six points at 12,884. The Standard & Poor's 500 Index was up three points at 1,350. The Nasdaq Composite Index added 12 points at 2,916.

The leaders of political parties in Greece gathered yesterday to hammer out a deal on reforms required by the European Union and the International Monetary Fund after delays. European Central Bank policymakers were still to agree on the contribution to a restructuring of Greece's sovereign debt.

Financial and technology shares gained the most. Bank of America gained 3.6%. Hartford Financial Services Group surged 7.6% as billionaire investor John Paulson said the insurer needs to take “drastic” measures to reverse its decline.

Dow component and a bellwether for the networking industry, Cisco Systems, surged 2.4% in extended trading after reporting adjusted second-quarter earnings that topped expectations. Computer Sciences Corp. jumped 19%, the most since at least 1980.

Another Dow component Walt Disney gained 0.7% a day after reporting quarterly profit that exceeded expectations.

Polo Ralph Lauren Corp added 9.2% after the clothing maker reported better-than-expected results for the holiday quarter and raised its margin forecast.

Energy stocks were the biggest decliners, after Brent and US crude oil futures pared gains after a report showing increasing US crude inventories. Exxon Mobil Corp fell 0.6%.

Elsewhere, Groupon, the largest daily deal company, tumbled 7.6% after the bell after it unexpectedly posted an adjusted quarterly loss, even as revenue almost tripled from the prior year.

In Asia, equities declined on Thursday in late morning session after Greek policymakers failed to arrive on an agreement on pension cuts needed to secure a second debt bailout and Chinese inflation unexpectedly surged.

The MSCI Asia Pacific Index fell 0.8% to 125.58 at 11:02 a.m. in Tokyo. Hong Kong’s Hang Seng Index lost 0.7%. Japan’s Nikkei Stock Average 225 was down 0.56%. Australia’s ASX All Ordinaries Index fell 0.47% and Korea’s Kospi Index was trading 0.65% lower. China’s Shanghai Composite Index was little changed.

In company news, Industrial & Commercial Bank of China and China Construction Bank Corp retreated in Hong Kong. BHP Billiton led metal producers lower, declining 2.5% in Sydney. Nissan Motor lost 1.7% in Tokyo after earnings missed analysts’ estimates.