Slower Repayment Schedule For Greece, Markets Close Higher

Greece may repay loans to France on a slower schedule alleviating fears of a default. The markets closed sharply higher with the Dow surging 108 points to 12,043. Nasdaq soared 35 points to 2688.

On the upside

XOMA (Nasdaq: XOMA) discovered two new classes of antibodies that activate or sensitize the insulin receptor in vivo.

Horizon Lines (NYSE: HRZ) amended its credit facility in order to comply with financial covenants.

Republic Airways (Nasdaq: RJET) will add nonstop seasonal flights from Branson, Missouri to both Austin, Texas and Phoenix, Arizona.

On the downside

Shares of Durrect (Nasdaq: DRRX) continued falling after the Food and Drug Adminstration rejected on Friday the abuse-resistant pain treatment Remoxy that the company developed with Pain Therapeutics (Nasdaq: PTIE).

JMP Securities analyst Alex Gauna affirmed his Outperform rating for Nvidia (Nasdaq: NVDA) but the stock price fell.

Bristol-Myers Squibb (NYSE: BMY) and AstraZeneca (NYSE: AZN) reported positive results over the weekend for their Type 2 diabetes treatment but both stock prices dropped.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 805.