Increase in crude oil prices and dealmaking in the U.S. along with favorable global economic news sent stocks soaring.
Macroeconomic news from the collapse of the Chinese stock market to economic concerns in Greece took a toll on global equities from early June through mid-July, and fashion apparel, accessories and beauty stocks were not immune from the sell-off.
As Greek officials begin bailout negotiations with its creditors this week, the economic impact of the debt crisis may not have been as bad as initially thought — at least in the short term.
Amid growing concerns over the implications of a Chinese stock market meltdown as well as ongoing worries over Greece, the Dow Jones Industrial Average plummeted 200 points in morning trading.
Milan's FTSE MIB was Europe's only major market to gain ground Tuesday morning.
During the midday trading session U.S. issues were mostly in the red, but had resisted the steep declines of Europe and Asia following a thumbs-down vote in Greece over bailout terms for the troubled country.
Major global market indices saw gains on Wednesday, the day after Greece defaulted on its debt.
As Greece considers terms of a possible bailout package, U.S. stocks rallied in the morning trading session.