Stock exchange traded funds basked in a more than 100-point rally in the Dow on Tuesday but after hours the focus shifted to the vote in Greece and disappointing earnings from Adobe (NasdaqGS: ADBE).
Adobe shares slipped in after hours trading Tuesday following the technology firm’s fiscal second-quarter earnings report. Quarterly profit rose from the year-ago period but missed Wall Street expectations after items.
Investors closely watched developments in Greece Tuesday evening as Prime Minister George Papandreou faces a vote of confidence. European leaders are putting pressure on the country to pass further austerity measures.
Adding to the drama this week is the Federal Reserve’s two-day meeting that wraps up with the Fed statement Wednesday afternoon and press conference with Ben Bernanke.
Volatility-linked ETFs pulled back Tuesday as stocks jumped, but some analysts say the CBOE Volatility Index, or VIX, may be lowballing market fear. [Are VIX ETFs Understating Market Risks?]
SPDR S&P 500 ETF (NYSEArca: SPY)
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