Stocks rose in volatile trading on Thursday, thanks only to technical factors and options expirations. But raging uncertainty about Greece prevented investors from committing money to the market.
The impending expiration of stock-index futures, single-stock futures, equity options and stock-index options for June -- known as quadruple witching -- created exceptional volatility, pushing the S&P 500 to swing more than 1 percent from its session low to its intraday high.
Greece kept a pall over investor sentiment, even though experts say U.S. banks' exposure to Greek debt may be smaller than many market participants fear.
Still, the market needs resolution of the situation soon, as the lack of a deal to resolve the Greek debt crisis stifles investor confidence and curbs the market's advance.
"The big headline is Greece, and it's going to continue to be Greece until there is some clarity or conviction that comes out of there," said Jonathan Corpina, head of NYSE floor operations for Meridian Equity Partners in New York.
Losses were contained, however, as investors looked for value after the recent sell-off. The Dow finished the volatile day with a modest gain and the Nasdaq retraced some ground after falling slightly more than 1 percent in late afternoon trading.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,961.52 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  64.25 (0.54%) |
| Prev Close: | 11,897.27 |
|---|---|
| Open: | 11,896.13 |
| Day's Range: | 11,875.77 -11,990.02 |
| 52wk Range: | 9,596.04 -12,928.50 |
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