Markets Rally On Report Greece Is Ready To Accept Bailout Terms

The euro, European stock markets and U.S. stock futures moved sharply higher on Wednesday after a report that Greek Prime Minister Alexis Tsipras is ready to accept the creditors' bailout terms. According to a letter from Tsipras to the heads of the European Commission, International Monetary Fund and European Central Bank, obtained by the Financial Times, the Greek premier will accept all the bailout conditions on the table last weekend, with only minor changes. Greece's bailout program expired on Tuesday at midnight, but Tsipras's letter could serve as basis for a new aid package in coming days, according to the report. The Stoxx Europe 600 index leapt 1.8% to 388.22, while stock futures for the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq 100 index all climbed more than 1%. The euro rose to $1.1137, up from an intraday low of $1.1095, according to FactSet.