Dow Jones Industrial Average Up Triple Digits; All Eyes on Greece

Wall Street is awaiting a key meeting in Brussels, with cash-strapped Greece on the agenda

Feb 10, 2015 at 4:24 PM
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After testing the flatline in late-morning trading, the Dow Jones Industrial Average (INDEXDJX:DJI) inked a triple-digit win today, eking back into the black for 2015. Likewise, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) settled at year-to-date closing highs. Despite the increasingly icy relationship between Germany and Greece, traders remained hopeful that the latter will soon secure a bailout extension -- despite assurances to the contrary from German Finance Minister Wolfgang Schaeuble. In any event, the new Greek government is expected to unveil fresh reform proposals at tomorrow's highly anticipated meeting of eurozone finance ministers in Brussels. Outside of Europe, meanwhile, speculators digested rate-hike hints from a pair of voting Fed members, as well as a prediction for lower oil prices from the International Energy Agency (IE), which sent black gold reeling back to the mid-century mark.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 17,868.76) ended near a session high, up almost 140 points, or 0.8%. Pfizer Inc. (NYSE:PFE) and The Coca-Cola Co (NYSE:KO) led the 26 advancing blue chips, adding 3.3% and 2.8%, respectively. Caterpillar Inc. (NYSE:CAT) paced the four laggards, giving up 0.9%.

The S&P 500 Index (SPX - 2,068.59) advanced 21.9 points, or 1.1%, while the Nasdaq Composite (COMP - 4,787.65) outperformed its peers, gaining 61.6 points, or 1.3%.

The CBOE Volatility Index (VIX - 17.23) turned tail as traders whet their appetite for risk, shedding 1.3 points, or 7.1%.



5 Items on Our Radar Today:

  1. One of the Federal Reserve's top officials -- Richmond Fed President Jeffrey Lacker -- was quoted earlier as saying "June looks like an attractive option" for when to raise interest rates. Likewise, San Francisco Fed President John Williams told the Financial Times that the central bank is getting "closer and closer" to an interest-rate hike. This only strengthens the belief of many that the Fed will increase rates sometime this year. (Reuters, via CNBC)
  2. Tomorrow, European finance ministers will meet and listen to Greece's Finance Minister Yanis Varoufakis as he lays out ideas for reform. Many still hold out hope that the country will reach a compromise with its creditors. (MarketWatch)
  3. Thanks to some well-timed M&A news, Yelp Inc (NYSE:YELP) was able to bounce back from yesterday's technical woes.
  4. Speaking of M&A news, some are speculating that Alibaba Group Holding Ltd (NYSE:BABA) may be interested in this Internet name.
  5. Pfizer Inc. (NYSE:PFE) is buying back $5 billion worth of its stock from Goldman Sachs.

For a look at today's options movers and commodities activity, head to page 2.




Crude fell today, after a warning from the IEA. When the dust settled, March-dated oil lost $2.84, or 5.4%, to finish at $50.02 a barrel.

Gold ended lower on the back of a strengthening U.S. dollar. April-dated gold fell $9.30, or 0.8%, to settle at $1,232.20 per ounce.


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