Turnaround Tuesday lived up to its name as stocks rallied sharply on earnings and hopes that Greece will reach an agreement with the EU on its debt situation.
Coke (KO) led the positive earnings drive along with Starwood Hotels (HOT), Martin-Marietta (MLM) and Qualcomm (QCOM) reached a settlement with China which will cost the firm close to $1 billion. Stocks disappointing and moving lower included Dean Foods (DF), Computer Sciences (CSC), Molson’s (TAP) and Nabors Industries (NB).
Market headlines were positive about the prospects for a Greek negotiation settlement but the evidence today was negative as Germany says nein to an extension of payments. Some are suggesting Greece would switch to the dollar while others believe Russia will provide a bridge loan to the