The market just made a major spike thanks to fresh rumours that the EU really is ready to help Greece in some official capacity. This is why the Athens Index spiked today, and it’s obviously having an excellent effect on US markets, as the Dow is up 150.
Of course this opens up a brand new can of worms for the future of the EU, such as how to keep a country in line if it knows it will get central help. (We have that problem here, but for banks).
But for now, the market is betting the crisis will ebb.