this is "nightly business report." with tyler mathisen and sue herera. >> wall street rallies and it has greece to thank. >> fragile deal. greece and its creditors may have reached an agreement. did it come at a price too steep. did germany's demands go too far. >> drowning in debt. the one thing millennials have now that earlier generations did not. massive amounts of debt. tonight we start a three-part series called millennials and money on "nightly business report" for monday july 13th. good evening, everyone. welcome. a deal in greece. stability in china and a stock market rally here on wall street. investors breathed a sigh of relief when they woke up this

morning. the word that greece and its creditors have reached a deal on a fresh bailout. this deal takes the worst-case scenario off the table and eases the fear that the country will leave the currency union in europe in the near term. that was enough to allow investors in europe and the u.s. to vote with their walotts and send stalks higher. by the close the dow jones rose 217 points to finish at 17,977. nasdaq gained 73. the s&p 500 added 23 points. >> but despite the deal between greece and its creditors, there are still a number of uncertainties surrounding the country's long material financial fate. and this deal came at a very high price, including tough conditions no one is sure is country can fulfill. a report from athens. >> reporter: greece is still in the eurozone but just barely.

after an all night negotiating session in brussels, the country emerged with a worse deal than one they rejected a week ago. pension reform which will force greeks to retire later and contribute more to their retirement. higher sales taxes on many products. reforms to the labor market and product markets and a brand new requirement. greece must transfer ownership of $50 billion worth state assets to an independent fund. those assets will be sold over time to help recapitalize the banks and to pay back some of what greece owes to the rest of europe. the greek prime minister alexis tsipras will persuade that it is no longer an option. before that, they must pass and implement tax reform in the next 48 hours. only then will finance ministers begin the process of creating a full bailout program and the situation in greece is dire. the eurozone estimates the

country will need more than $80 billion in euros in the next three years on top of the 240 billion in two previous bailouts. hence why other leaders want proof of performance first. >> a lot of that trust was lost and it has to be rebuilt. it still has to be rebuilt. >> reporter: the most immediate question on the minds of greek citizens and business, when can fwanks reopen. the answer not until they get a fresh round of investment and billions of euros with. that likely won't happen until deal is finalize asked the finance minister said that will take at least a month. greece still has a very tough road ahead. for "nightly business report." greece owes germany the most amount of money of any country in the eurozone and that partly explains why germany was flexing its muscles throughout the talks and didn't back down during the marathon negotiations over the past weekend. as steve tells us from berlin

many critics say germany went too far. >> reporter: if it wasn't clear already that german chancellor angela merkel had taken the title iron lady from margaret thatcher, the hard line negotiations with greece left no doubt. she went in even agreeing to severe economic reform or leave the euro common currency and greece backed first and she won. >> translator: to be adopted by the greek parliament by wednesday before we can actually task our parliament to look at the matter. >> reporter: the question is whether merkel went too far. criticism of the deal exploded in social media with the #, this is a coup used hundreds of thousands of times across europe and the u.s. some said that merkel undermined decades of trust across europe. >> translator: i am accusing the

chancellor that she and the others created a dangerous situation by floating the idea of a temporary grexit. >> reporter: but merkel has shown in her ten years for office that her ear for politics is finely tuned. not one central more screamed the cover of the magazine this weekend. >> we pay, we pay, we pay and they do nothing. >> reporter: if the greek parliament and the prime minister can deliver, the deal crafted virtually guarantees german parliament to be hauled back this friday from summer vacations, will reluctantly support billions of dollars more in aid for greece. if it all works out despite the criticism, if greece and the eurozone are saved intact, and if merkel can maintain her domestic popularity, then she will surely have proven her mettle. and investigators could work out another deal. nbc news and the associated press are reporting that there

are indications the nuclear deal between iran and world powers is coming together and could be announced overnight. the oil markets are paying very close attention because an agreement could potentially lift western sanctions on iranian crude exports. today price of west texas crude settled down 1% to $52.20 a barrel. and the organization of petroleum exporting companies or opec is raising its estimates for global demand growth this year. in its monthly report it said it expects demand growth in 2016 as well. opec said it anticipates the market will be more balanced next year as china uses more oil and the supply from the north american shale deposits grows more slowly. meantime the average price of gasoline has dropped 2 cents over the past two weeks to a national average of $2.83 a gallon. but don't tell that to californians. gas prices in that state are spiking despite the overall

downward trend. jane in los angeles explains why. >> reporter: gas prices in california are closing in on $5 a gallon again here $4.95. in some places it has topped $5 a gallon. it isn't even over yet. prices on average friday were $3.66 a gallon according to gas buddy. they're now $4.08 a gallon though i can't find that it cheap anywhere. that's an 11% change in one weekend. and we're expecting to see them go higher this week. what's the deal? nobody is sending their oil to california it is not worth it on the pricing until now. and we can't make enough of our own. inventories are at a troubling level. plus there are refinery issues amid the special blend of gas. and prices have tripled from their lows last win. he said he's never seen a six-month swing like that.

what will happen next? there are two ships bringing oil to california right now. it takes about three weeks to get through the refining process. the high prices we're seeing will encourage others to bring their oil here bringing it into the state. them we should see prices start to drop between five days and five weeks and in five months california gas prices should be a dollar lower than they are now. though still higher than the national average. for "nightly business report" in los angeles. >> wow! regulators say there is no single reason why the treasury market was hit with extreme volatility last october. in a joint report issued between treasury department, the federal reserve and other agencies, a number of factors were cited that may have kribld to the so-called upon market flash crash including the growing role of high frequency trading. moves in the bond market are closely watched because bonds are perceived as safer than stocks and other investments. today yield on the ten-year treasury rose above 2.4%.

>> from bonds to stocks. earning season starts in earnest tomorrow. and investors will be watching what many of the big name companies say. the results and the forecast come at a time when many of the stock prices have fallen sharply from their highs despite the recent swing. why investors are approaching this earning season with caution. >> reporter: there's a reason why many investors are still scared about what's happening in the u.s. stock market. sure it looks like the problems in greece have calmed down for now as have the concerns over the chinese market. even though we managed to bounce after the reason pull back an increasing number of stocks are showing signs of weakness. over half have fallen by 10% or more since highs over the last year. that means over 500 larger cap stocks are in correction or even bear market territory. among them are companies like railroad operator csx.

intel and oil services giant. all three of those companies are slated to report earnings later on this week. and some experts think there's a reason to proceed with caution. >> given the earnings growth this year is expected to be a more muted, any where in 0% to 2%, that would also point to more muted stock market returns over the next six to 18 months. >> reporter: not everyone is as optimistic about the growth and the overall picture could be helped along by the sense that america is a safer market to be in at least on a relative basis. >> there are two key reasons request the market is likely to do well in the six to 12 months. earnings are poised to respond, to come in better than expectations. the second one is as the fed renormalizes it should convince investors that businesses. >> it will be more of a balancing act for investor

portfolios and about evaluating risks. still with as many stocks in downward trends, caution will be an investing theme going forward. for "nightly business report." still ahead, the nation's largest cable company is doing something no cable company has done before. but will it win over the cord cutters? nation's largest cable

operator comcast is looking to cash in on cord cutters. the company is offering its own streaming service for its broad band customers. unlike other services like netflix, it is being offered by a main stream cable company and that's an important sign for a rapidly industry. julia boriston takes a look. >> reporter: with shares trading at a 52-week high, the nation's largest cable operator is looking for alternatives. with comcast stream for broad band only subscribers. >> i think it comes down to you know being proactive and kind of somewhat defensive in the face of competition from online video. >> reporter: for $15 a month, comcast members can add on cloud dvr. unlike traditional fees there are no fees. users can sign up and download

the app. it is launching in boston chicago and seattle this year before rolling out the entire foot print in 2016. this puts comcast into direct come participation with dish's sling tv as well as verizon's slim down bundle. >> there is something to be said about the scale that comcast offers on the broad band side. definitely i think that will play in their favor. and also the ability to i think, quickly ramp up the content. it will be another potential advantage over time. given the breadth and depth of the relationship. >> reporter: comcast new services are limited, not just because it is not including any cable channels other than hbo. subscribers won't be able to stream directly to their tv sets and they can only traem to their other devices within their homes. then there is the question of whether it could steal customers from comcast's bigger higher cost bundle. an issue them the company is

clearly watching as it rolls out the new offering. and comcast is the parent company of cnbc which produces this program. we begin only the's market focus with a nearly $16 billion energy deal. the master limited partnership will merge with mark west energy partners. they split natural gas into other fuels. there will be a market cap of more than $20 billion. marathon popped. to 6809. and steps to defend itself from a hostile takeover about a week after horizon farmer went public with its nearly $2 billion buyout plan them adopt a share holder plan that would be triggered if a person takes more than 10% in the firm.

it was 1% higher. horizon pharmafell nearly 3%. consumers product company jardin corp has reached an agreement to buy the disposable dinner ware company of it will buy a lot of plastic forks. it is expected to expand the offerings. shares rose almost 5% to 54.78. well, the fight for retail domination just escalated. last week we will you amazon will host a huge sale called prime day similar to black friday. take walmart said it will launch a rival seal wednesday. walmart rose 1% to 7388. amazon was up almost 3%. u.s. anti-trust regulators are looking into apple's new streaming music service according to a reuters report. apple takes a 30% cut of an all-in app purchase for digital

goods and streaming companies are saying the cuts force them to charge more in the a.m. store. therefore eroding their profit margins. starbucks is leading a multicompany initiative to higher 100,000 young low income minority workers over the next three years. other companies involved include alaska air, cvs health microsoft and walmart. starbucks said while some new hires will replace employees who leave, the majority will be new entry level positions. the stock rose 2% to 5570. american in case you haven't noticed is getting older. within two decades, people over age 65 will outnumber those under 18. so not only change the face of america but will strain family finances a topic that was discussed today at the 2015 white house conference on aging. in his speech president obama said saving for retirement has become increasingly difficult

for many americans. a lot of folks out here who work really, really hard. but at the end of the day, just still don't have enough of a nest egg. in today's economy, preparing for retirement has gotten tougher. >> here to discuss how families and financial services firm that serve them he is head of global wealth and retirement solutions at bank of america. welcome. >> to have you with us. you know it used to be that people lived 12 maybe 15 years in retirement. and now increasingly they're living 20 25 even 30 years in retirement. that's a big savings gap. how do you suggest that people make up for it? >> well a big savings gap. by the way, that's why today's conference at the white house was so well timed, actually. this is a moment that we need to think about a framework to support the aging of the babyboomers. 10,000 babyboomers a day are

reaching age 65. they've got a lot of topics they need to think about. money is certainly one of them. but there are also families look very differentoday than in the past. people are making decisions about when to leave work, when to potentially go back to work. anwo health care looms extremely large for most families. because long term care could drain everyone's piggy bank. >> a lot of people feel there is no way they can save enough for retirement so increasingly they just don't save. or they're trying to pay the bill they have to pay now. >> well i think your point is exactly right. it is critical that workers get involved in workplace savings programs very early in their careers. the best way to save is to do it in an automatic way. the signing up for a 401(k) plan. if there are millennials watching for a millennial paying down your student debt and getting out from underneath

it. that's a version of saving and i would argue that investments in education, in human capital are a form of saving as well. for those in retirement we're seeing a very strong trend that work does not end at age 65. many many americans are looking at work today as something that will stretch on into the late 60s and into their early 70s. and it is something they want to do not something they're being forced to do financially. they view it as positive news. >> one of the thing that many families including my own have faced in recent years, and i know that you and the financial services industry more broadly are contending with is the decline in cognitive ability that accompanies ageing which makes decision making tougher. it means that you really have to be very careful in your planning and the setting up of trusts. what do you recommend to families there? >> well great question. because if you look at americans over age 85 45 to 50% are

suffering from alzheimer's or another form of cognitive decline, dementia and so on. this is a key topic. first, families need to talk about these topics. in many cases, alzheimer's or another situation thrust themselves upon a family and they're really not prepared. you need to think clearly about how financial decision making will pass from one family member to another. from the perspective of financial services firms, we're doing a lot to try to better train advisers and to work with regulators about how to handle all of the topics of flow from cognitive decline. as you can imagine, there are concerns the clients have around privacy and we're all in a much better position. families have spoken early and often. if couples have discussed how they'll essentially have a living will for their finances. >> very good advice. we appreciate it. an is with bank of america merrill lynch. >> and coming up an just mentioned the millennials. today they make up the largest

portion of u.s. workers. there's one thing that sets this generation apart. the first part of our series millennials and money is next. earnings from components johnson and johnson and jpmorgan will be at the top of a long parade. retail sales are out. an important gauge of spending. also on the data front, import and export prices has a read on inventories. u.n. officials and detroit's auto executives begin contract

talks today. general motors that ceo kicked things off that will determine labor costs for big three and the nearly 140,000 factory workers at those firms. the issues they will be hammering out include health care pensions and whether to restructure the current two-tier wage system. airlines collected a record amount of money from extra fees last year. revenue from checked bags changed reservations and other add-ons jumped 20% to a record $38 billion. the companies that collected the most united followed by american u.s. airways and delta. the nation's largest public pension fund fell just short of its annual return target. this is the california public employees retirement service deal with a slowdown in the markets and weak private equity returns. nonetheless, its three and five-year targets far exceeded expectations.

calipers is an important bellwether for how others will perform across the country. now to those millennials. the forecasts born the in the early 1980s through early 2000s. only the we start a look at them. they make tim largest portion of u.s. workers and some estimates say they will make up half the work force in the next five years. by that time they're expected to spend nearly a trill and a half dollars a year. right now, this group is saddled with massive amounts of debt. >> reporter: 27-year-old brannon well is no stranger to debt. >> i have debt both from college, student loans, and i have some credit card debt. >> reporter: like nm his generation towed borrow money to finance his college education. the average has $13,000 in debt biffle their late 20s,e that figure tripled to $47,000. the overall debt load for older

millennials jumps to almost $70,000. financial adviser said the ramifications of student debt are far-reaching. >> it is saddling a generation, the older end of the generation. >> reporter: the growth in student loans is crowding out other times of debt according to research. >> in the last decade the different times of loans people carry has changed significantly. especially for younger borrowers largely due to student debt. ten years ago, student loan debt accounted for 13% of total debt for young adults ages 20 to 29. by the end of last year hit jumped to 37% for that age group. >> i do feel like my debt sets me back in the grand scheme of thing as far as buying a home or whatever the case may be. i think it is a priority to get it taken care of now. >> reporter: many borrowers are unaware of several options to help them pay off student loans like income based repayment

plans which calculates the payment based on their salary. but they said while these plans can help free up cash flow borrowser may take longer to pay off student debt. negotiating for higher pay may be a better strategy. what could earning an extra $5,000 a year mean for a knew grad today? >> that can add up to half a million dollars in extra earnings over the course of your lifetime. so it is far easier than cutting coupons or trying budget. a really good way to impact your bottom line. >> reporter: with a new job, brandon has been able to increase his monthly student loan payments. he is eager to move on to the next stage of his life. he knows it will take time. >> within the near future i would like to have the student loans paid off. i would like to have the credit cards paid off. and be in a great position in the near future i may be looking to buy a home focus on the other things as i further my life. >> we'll see. we'll see what happens. i don't know for sure. >> reporter: for "nightly business report." because of the massive debt levels many millennials have

become savers and are planning for the long term earlier than other generations. that's. >> there's one thing that's holding them back financially. find out tomorrow in the second part of our series millennials and money. >> they are everywhere. >> especially around here. that does it for "nightly business report." i'm sue herera. >> and we like them. they're very nice. >> have a great evening, everybody. we'll see you tomorrow.

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