As Greece considers terms of a possible bailout package, U.S. stocks rallied in the morning trading session. The Dow Jones Industrial Average gained 149 points, or 0.8 percent, to 17,768 while the S&P 500 rose 0.9 percent to 2,082. The S&P Retailing Industry Group increased 0.9 percent to 1,147.

Greece officials were corresponding with the country’s creditors, and were open to new terms, according to several reports. But Germany said it would wait until Sunday’s referendum to engage in specific terms.

Meanwhile, Greece missing its payment to the International Monetary Fund “is a historic moment and takes the Greek economy into uncharted waters,” said Diego Iscaro, senior economist at IHS Global Insight in a research note this morning.

“The expiration of the second bailout on June 30 means that any new agreement between Greece and its creditors will take the form of a third bailout with funds from the [European Stability Mechanism] as a new extension is not possible,” Iscaro said. “A third bailout would need the approval of many parliaments across the euro zone.”

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