US stock market, economy and companies update (May 10, 2012)

US and European equities benefitted from hopeful developments in Athens this morning. PASOK party leader Venizelos was handed the mandate to form a government after the failure of New Democracy and Syriza to weld together a coalition. There were rumors that PASOK and New Democracy might be able to temp all or some of far-left wing party Democratic Left into a coalition, and markets are waiting eagerly to hear more about the ongoing negotiations. However the rally is already beginning to fade and the NASDAQ is already in the red, weighed down by shares of Cisco. Recall that overnight, Former ECB member Weber warned that the risk of an uncontrolled Greek default was not off the table.