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10A Daily News – Friday, February 10, 2012 NEW YORK (AP) — The stock market finally got a deal in Greece, but it didn't produce much of a rally. Stocks close higher after debt deal reached in Greece Wall Street U.S. stocks rose Thurs- day morning after Greece announced an agreement to cut costs and keep from defaulting on its debt next month, an event that could have shocked the world financial system. But stocks dropped later in the morning and never returned to their highs for the day. Ana- lysts cautioned that the market had expected the deal in Greece and warned that Europe still faced problems. ''We still have a lot of wood to chop,'' said Jere- my Zirin, chief equity strategist at UBS Wealth Management. The Dow Jones indus- trial average finished up 6.51 points at 12,890.46. The Standard & Poor's 500 index rose 1.99 to 1,351.95. The Nasdaq composite index climbed 11.37 to 2,927.23. Earlier in the day, the Dow was as high as 12,924.71, its highest level during a trading day since May 20, 2008. That was also the last day the average traded above 13,000. In the afternoon, the S&P rose as high as NEW! In the Daily News' WEEKEND EDITION Every Saturday! TV Select Magazine --Weekly TV listings and features 1,354.32, more than dou- ble its level on March 9, 2009, the low for stocks during the Great Reces- sion. It last closed at dou- ble the low last July. The Nasdaq is trading at its highest level since December 2000. The markets have had a strong start this year, mostly because of opti- mism about the economy. The Dow has gained 5.5 percent, the S&P 7.5 per- cent. But Zirin said the markets had assumed Greece would reach a deal to keep from defaulting, which is why stocks did- n't skyrocket on the news. The deal calls for Greece to make steep cuts in government jobs and spending. Greece's so- called troika of lenders — the European Union, the European Central Bank and the International Monetary Fund — insist- ed on the cuts. The cuts are one condi- hard to implement in a country that has grown used to profligate govern- ment spending. Workers are already protesting that job cuts and pay cuts have been too severe. The country has missed other targets for reducing its debts. It also still has to persuade pri- vate investors to agree to losses on their holdings, which will make those investors less likely to buy Greek bonds in the future. tion of a (euro) 130 bil- lion bailout for Greece, without which it can't afford (euro) 14.5 billion worth of bond payments due March 20. But the cuts will be T Red Bluff Elksh e New Weekly Weekend Feature Pages: • Glory Days – • Pets – Health & Activities • Country Life – Home & Garden • Outdoor – Living & Life Plus! TWO daily Crosswords and Sudoku Puzzles! 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