Career News 24/7: STOCKS CLIMB AND IT SOUNDS LIKE WE'RE CLOSE TO A GREEK DEAL: Here's What You Need To Know, February 8, 2012

Wednesday, February 8, 2012

STOCKS CLIMB AND IT SOUNDS LIKE WE'RE CLOSE TO A GREEK DEAL: Here's What You Need To Know, February 8, 2012

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Wednesday, February 8, 2012

So maybe–just maybe–we have a Greek debt deal. And stocks continue to grind higher.

First, the scoreboard:

Dow: 12,883.9, +5.7, +0.0%
S&P 500: 1,349.9, +2.9, +0.2%
NASDAQ: 2,915.8, +11.7, +0.4%

And now, the top stories:

These Greek debt and austerity negotiations continue to drag on. Late in the U.S. trading session, Bloomberg reported that they obtained a draft of an agreement involving the Troika (i.e. the IMF, EU, and ECB). Based on Bloomberg's report, it seems the deal is leaning in favor of the Troika's demands. Among other things, the draft said Greece will cut 15k state jobs this year, reduce the minimum wage by 20 percent, cut medical spending, and merge auxiliary pension funds. CITI'S BUITER: There's A 50% Chance Of A Greek Exit From The Eurozone And Here's How It Would Happen >
There was no notable U.S. economic data today. And stock market trading volume remains low. UBS's Art Cashin noted this morning that trading volumes near the market close has been freakishly low. Also, implied volatility--as measured by the VIX--is at the low of the year. A low reading on the VIX, which is also known as the "fear index," suggests complacency is high.
However, RBC's Myles Zyblock thinks investors shouldn't be so jittery about the stock market trading at these high levels. Sure, stocks are likely to see some sell off in the near-term, he warns. But any sell off is likely to be modest as the stock markets are backed by favorable global economic growth prospects. 6 TOP ECONOMISTS ANSWER: Is China Heading Toward A Hard Landing?
In a new report out of the National Association of Homebuilders, 98 U.S. housing markets are gaining momentum. The debate over a housing bottom rages on.
Caesars Entertainment Corp, the parent of the Caesars Palace casinos, traded for the first time today, and the stock exploded out of the gate. It was priced at $9 last night. Caesars has businesses in the U.S., U.K., and Asia.
There were a couple of other high-flyers in the markets today, driven by earnings announcements. Buffalo Wild Wings surged on better-than-expected Q4 earnings. Sales at the Buffalo wing restaurant chain surged 34.5 percent. Ralph Lauren also soared after the maker of Polo shirts said its outlook was better than expected. Here's What Big Companies Are Telling Us About The World Economy >
Groupon announces quarterly earnings this afternoon. Follow the release LIVE at Business Insider.
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