The Greek bailout situation dominated early trading in the U.S. At first glance it appears the Europeans are committed to keeping the eurozone intact. After all, many central banks beyond the eurozone (China and no doubt the Fed) are teaming up to lend support. Further, the old saying, "in for a penny, in for a pound" shows TPTB have gone too far down the bailout road to back away now. Or, maybe not, since some clear thinkers suggest Greek debt burdens will be too high for their weak and weakening economy to service. So the debt situation may be the cancer that still negatively grows on the global economy.
U.S. stocks moved higher early as the psychological 13,000 level on the DJIA was exceeded briefly. Like so many of these round number targets, once hit, there was selling into it.