US market recovered from overnight weakness to finish positive Tuesday, boosted by increasing optimism that a Greek debt deal will be consummated this week. The Dow was the strongest index, climbing 0.26% back above 2011 highs and to levels not seen since 2008. Investors were jittery overnight about today's strikes and protests in Greece, but comments from European officials apparently assuaged the market's concerns.
The other major event on the docket today Federal Reserve Chairmain Ben Bernanke's testimony before Congress. Bernanke has come under fire, most recently at his post-Fed-rate-decision press conference, about what some perceive as inflationary monetary policy. Nothing new came out of the Chairman's press conference today, where he reiterated that last week's strong employment report will not alter the FOMC's stance that rates should remain ultralow until at least 2014. Gold, which had sold off on last Friday's jobs report in fear the Fed would tweak its policy in the face of improving data, staged a comeback today, with GLD climbing 1.5%.
*DISCLOSURES: Scott Redler is long VXX, X, SPY, QCOM, JPM, DNDN, MCP, OI, SLB, LULU, P, OIH, DRYS, AIG, VMW, WMT, DNDN calls. Short NFLX, DIA, QQQ.
