Greece Getting A Gift

1:10pm (EST)

Forget the bulls and bears it’s all about the PIGS today.

The market got a huge lift this morning after Wall Street became hopeful that Robin Hood would be helping the Greek debt situation. There is a report that the “euro zone” countries have decided in principle to help debt-stricken Greece and there is news that Portugal hired Barclays and Goldman Sachs (GS, $152.85, up $1.76) to help it sell bonds.

Greece’s finance minister said he cannot call for outside aid, as doing so would send a negative signal to bond buyers, and this will not be a bailout. Still, this has been a dark cloud over the market and it may have been the bulls wild card.

Shares of National Bank of Greece (NBG, $4.10, up $0.68) have rallied 20% on the news but it would be a hard stock to trust.

At a result, the Dow is up 211 points, or 2.2%, to 10,120 while the S&P 500 is higher by 21, or 2.0%, and is at 1,077. The Nasdaq is lagging but is still enjoying a 37 point pop and stands at 2,162.

In economic news, the Commerce Department reported that wholesale inventories were lower by 0.8% in December compared to an expectation that inventories would rise by 0.5% during the month.

Caterpillar (CAT, $53.93, up $3.15) is one of the Dow components that is fueling this huge rally. The stock is up over 6% after an analyst upgrade. Coca-Cola (KO, $54.86, up $2.21) was up 4% after reporting better than expected earnings as revenues benefited from emerging market growth.

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