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Stocks are rallying after Monday's chaos
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Stocks opened higher and are gaining ground on Tuesday after suffering the worst selloff of the year yesterday.
Near 10:30 a.m. ET, the Dow was up 70 points, the S&P 500 was up 9 points, and the Nasdaq was up 28 points.
The Dow fell 350 points on Monday, and turned negative for the year with the S&P 500.
European markets also sold off sharply yesterday and are trading virtually unchanged on Tuesday.
And after sinking into a bear market on Monday, China's Shanghai Composite index rose 5%, or about 224 points. It's now well above the lows reached yesterday.
The latest on Greece this morning is that the country has asked for a two-year bailout extension, according to Bloomberg.
Also, finance minister Yanis Varoufakis confirmed that the government will miss its payment of 1.6 billion euros to the IMF. Government officials had anonymously told the Wall Street Journal yesterday, but Varoufakis' comments today make it official.
In economic data, the Case Shiller home price index missed expectations. Prices rose 0.3% month-over-month (versus 0.8% expected,) and 4.9% year-over-year in April (versus 5.5% expected.)
The Chicago Purchasing Manager Index came in at 49.4, below the expectation for 50, and signaling a contraction in Midwest manufacturing activity for a fourth straight month.
And, the Consumer Confidence Index spiked in June to 101.4 from 95.4 last month.
Gold is down about $8 an ounce, near $1,170. West Texas Intermediate crude oil is slightly higher at around $58.61 a barrel, after falling more than 2% yesterday.
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