Stocks edged up slightly in midday trading Tuesday over hopes that an 11th hour debt deal may save Greece from default. However, following a major selloff on Monday where the Dow lost 350 points, the index is still negative for the year. While no deal is in place for Greece’s debt and a default looks likely, Greek Finance Minister Yanis Varoufakis told Reuters he is hopeful a last-minute agreement will be made. The debt-laden country has a $1.7 billion payment due to the International Monetary Fund at midnight Tuesday Athens time and reports are that Greece won’t make the payment. Greece announced over the weekend that it will hold a referendum on July 5 to allow citizens to decide if the country should remain in the 19-country eurozone. A ‘Grexit’ would mean a return to Greece’s old drachma currency. Greece isn’t the only country with a debt crisis on its hands. Puerto Rico’s Gov. Alejandro Garcia Padilla said on Sunday that the island’s $72 billion in debt is ‘not payable,’ posing risks for the U.S. municipal bond market. Though the White House said a bailout for Puerto Rico was not being considered. Apple’s (AAPL) streaming music service begins on Tuesday for $9.99 a month, following a 90-day free trial. The service will include music from Taylor Swift, who removed her songs from competitor streaming service Spotify. Apple’s service is also set to compete with Pandora (P).
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