Financial Stocks Rises After Greece Vote

Posted By on June 29, 2011

U.S. stocks rose on Wednesday after the Greek parliament passed an austerity plan and a mildly encouraging report on pending home sales according to Reuters.

Equities have rallied for two days in a row on optimism the Greece program would pass, with the S&P up more than 2 percent so far this week.

“The vote being passed is a step in the right direction to getting resolution,” said David Levy, portfolio manager at Kenjol Capital Management in Austin, Texas. “We’ve had the issue on the table for some period of time now, and as resolution is reached it will give the market confidence.”

The Greek parliament approved a five-year package of spending cuts, tax rises and state asset sales by a comfortable margin in a key step toward securing international funds and preventing the euro zone’s first sovereign default. […read more]