STOCKS REBOUND WHILE GREECE PUTS OUT FIRES: Here's What You Need To Know

Photo: AP

The 2012 rally still has a heartbeat.First, the scoreboard:

Dow: 12,874.0, +72.8, +0.5%
S&P 500: 1,351.7, +9.1, +0.6%
NASDAQ: 2,931.3, +27.5, +0.9%

And now, the top stories:

  • Over the weekend, Greek leaders passed a highly unpopular austerity plan.  This gets the debt-laden country one step closer to securing desperately needed bailout funds.  However, outraged Greeks fired back by setting Athens on fire.  Nevertheless, global markets applauded the move. See Stunning Pictures Of The Disaster Zone In Greece >
  • The market rally has certainly been remarkable.  Stocks have been rising as earnings growth expectations have been falling, which is driving the bears insane.  Meanwhile, this rally has confirmed part of an unusually contrarian bullish call we heard last September from then BofA strategist David Bianco.  In related news, Business Insider reported that Bianco had been hired by Deutsche Bank to be its new Chief U.S. Equity Strategy.
  • Speaking of insanity, it’s Linsanity in New York.  The storied Knicks are back, led by starting point guard Jeremy Lin.  Last Friday, Lin scored 38 points to lead the Knicks in a huge win over Kobe Bryant and the Lakers.  This has been great news for MSG shareholders who have seen their stock go on a perfect winning streak since Lin started.. The Sequence Of Events That Led To Jeremy Lin Starting For The Knicks Will Melt Your Brain >
  • Shares of Apple broke through $500 for the first time today. Around two years ago, Piper Jaffray analyst Gene Munster told Business Insider that the stock could head to $1000.  However, Apple’s market share is so big that it tends to distort the movements of the S&P 500 and the Nasdaq. From Business Insider’s EIC: I Finally Peeled The Rubber Protection Sheath Off My iPhone, And It’s Like…Well, You Know…Ecstasy
  • Don’t Miss: The Most Overpriced Housing Markets In The Developed World >

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