WALL STREET >>> Bulls See Light at the End of Greek Tunnel

Greek Resolution Elevates The Dow
U.S. stocks resumed Monday's rally right out of the gate today, shrugging off some sour sentiment data and violent protests in Athens. Instead, the Street took the glass-half-full approach ahead of a couple of key austerity votes in Greece, which will likely determine the fiscal fate of the debt-riddled country and its comrades in the euro zone. The elevated hopes for a Greek resolution -- as well as some signs of life on the housing front -- kept ebbing consumer confidence on the backburner, and helped crude and gold futures capitalize on a softer U.S. dollar. By the time the dust settled, all three major market indexes were parked near their session peaks, while the CBOE Market Volatility Index (VIX - 19.17) gave back its closely watched foothold north of 20.

The Dow Jones Industrial Average (DJIA – 12,188.69) advanced 145.1 points, or 1.2%, to end north of its 10-day and 20-day moving averages for just the second time this month. Only four of the Dow's 30 components bucked the trend, led by JPMorgan Chase's (JPM) 0.9% drop. Meanwhile, Caterpillar (CAT) paced the advancing equities with a 3% gain, while McDonald's Corp. (MCD) tacked on a healthy 2.5%.

In the same vein, the S&P 500 Index (SPX – 1,296.67) added 16.6 points, or 1.3%, to end above its own 10-day and 20-day trendlines for the first time in June. Finally, the Nasdaq Composite (COMP – 2,729.31) once again outshined its peers, gaining 41 points, or 1.5%, to settle atop the 2,700 level for the first time in three weeks.

Crude oil futures notched their largest single-session percentage gain since May 18

Optimism ahead of Greece's austerity vote boosted hopes for oil demand, fueling crude futures to their best finish in nearly a week today. Expectations that a low-pressure system off the Mexican coast could turn into a tropical depression -- as well as an ailing dollar -- also bolstered black gold. Against this backdrop, August-dated crude oil futures tacked on $2.28, or 2.5%, to settle at $92.89 per barrel -- the front-month contract's largest single-session percentage gain since May 18.

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