STOCKS GO BONKERS AND GREECE PASSES KEY VOTE: Here's What You Need To Know

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Photo: Star.GR

Two solid up days in a row! Wow!But first, the scoreboard:

Dow: +105.39
NASDAQ: +57.25
S&P 500: +16.89

And now, the top stories:

  • It was very quiet on the economic front, and basically the news was Greece, Greece, and more Greece. And actually there wasn’t even that much Greek news, just anticipation of this evening’s big vote, in which the existing Papandreou government is expected to survive. This is key for holding the next vote (on June 30, it seems) on austerity, which is what will allow Greece to get its next slug of cash from the IMF/EU. Click here to follow the big vote at 5 PM ET > The Papandreou government won the vote!
  • So everything rallied: From Asia to Europe, and then to the US, where the only notable econ news was the horrible (but not quite as horrible as expected) existing home sales number. In Germany, the latest ZEW sentiment index was really ugy, but nobody cared.
  • Pretty much it was your perfect “risk on” day with the dollar down and everything else higher. The only real losers we saw on the day were cigarette stocks, following the FDA revealing some really ugly warning labels.
  • It’s noteworthy that the NASDAQ was a huge winner, as tech has been a big laggard today. Apple rallied over 2%. Financials also had a solid day. Citi gained nearly 2%. Shares of Lululemon went nuts, hitting a new high after rallying 5%.
  • So it’s all eyes on Greece, which may stave off its reckoning, but which everyone expects will default eventually. Click here to see what will happen if it does default >

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