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Minyanville's T3 Daily Recap: Market Shrugs Off Europe Drama to Post Modest Gains

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US market climbed modestly Monday, shrugging off ongoing drama regarding Europe's sovereign debt crisis.

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US market climbed modestly Monday, shrugging off ongoing drama regarding Europe's sovereign debt crisis. Stocks were headed for significant losses before reversing course just after noon and surging into the close. The Dow led the charge, gaining 85 points or 0.7%.

Greece will have a new prime minister after George Papandreou's departure was made official today, but the identity of the new leader has yet to be determined. The focus in Europe has shifted to Italy, where bond yields have risen to dangerously high levels and the future of Prime Minister Silvio Berlusconi is in question. With the 10-year Italian bond rising above 6.5%, pressure has risen for him to step down. However, today he announced, via Facebook, that he had no intentions of going anywhere. Pressure may intensify, though, ahead of Tuesday's key parliamentary vote.



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Scott Redler is long GOOG, AAPL, REDF, SIFY, MCP, JPM. Short SPY.
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