As reported by Edward Krudy from reuters, stocks traded edged higher on Tuesday as investors awaited the outcome of discussions on a bailout package for Greece that would help the country avoid a chaotic default.
Greek officials worked on the draft of a text on the 130-billion-euro bailout plan that will be put to political leaders for approval as strikers protesting against more austerity tussled with police outside parliament.
A light U.S. economic calendar this week shifted investor focus back to the euro zone. With the S&P 500 up 6.6 percent this year the market has grown cautious before Greek leaders put pen to paper on the terms of the deal.
Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut, said the market was holding up well despite some profit taking as investors bet a deal would be completed.
“If investors thought the Greek talks were going to collapse, financial markets will be a lot weaker than they are,” he said. But “a lasting solution continues to be something that is hard to come by.”