Market Higher After Austerity Vote

1:15pm (EST)

It was almost a given that Greece would get the votes this morning to get the $17 billion it needs to avoid default. Futures were pricing in another lifeline for the country as the Dow futures were up nearly triple-digits before the bell. However, they started to fade into the announcement which passed 154-145 about 30 minutes before the market opened.

The market got a little pop at the open but the Dow and Nasdaq dipped into negative territory shortly afterwards. It appeared to be a classic “sell the news” event but the bulls weren’t going to be denied as they have now pushed the market to session highs.

Although today’s news was taken as a positive, Greece isn’t out of the woods, yet, and will face a second vote on the implementation of the law on Thursday.

Here at home, economic news was solid as Pending Home Sales for May improved to 8.2%. The suit-and-ties had penciled in a decline of -0.6%.

Turning to earnings, General Mills (GIS $37.66, up $0.45) is higher after matching Wall Street’s estimates although they sandbagged their 2012 outlook. Monsanto (MON $69.80, up $2.90) is over 4% after beating expectations and raising guidance.

KB Home (KBH $10.87, down $1.05) is taking it on the chin and is down 9% after posting a wider-than-expected loss.

As far as the players reporting on Thursday, there could be some movement in shares of Apollo Group (APOL $43.24, up $0.19), Darden Restaurants (DRI $49.65, up $0.40) and Schnitzer Steel Industries (SCHN $56.49, up $1.90).

As you can see, Thursday is full of news and don’t forget we get the weekly unemployment figures before the bell as well.

The Dow is up 86 points to 12,274 while the S&P 500 is higher by 11 points to 1,308. The Nasdaq is showing a gain of 16 points and is at 2,745. Subscribers, check for the updates inside our Members Area.

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Market Higher After Austerity Vote

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