DJIA: Stocks Rebound on Greek Austerity Vote, Google & Motorola Mobility Deal Approved

Ratings agencies Fitch lowered its ratings on four Spanish banks while Standard & Poor's cut its rating for the industry as a whole.

-

In U.S. news...

President Barack Obama called for new spending to boost growth and higher taxes on the rich, laying out an election-year vision for America in a budget that drew heavy fire from Republicans for failing to curb huge deficits.

-

AND in company news...

Google won unconditional EU regulatory approval for its planned 12.5 billion dollar purchase of mobile handset maker Motorola Mobility.

-

Now for a look at our major indicies...

The dow jones industrial average climbed 73 points to 12,874.04...the NASDAQ Composite rose 28 point to 2,931.39...and the S&P 500 Index is up 9 points to 1,351.77.

CRUDE OIL rose $2.01 a barrel WHILE Gold fell a dollar to 1,724.30 an ounce.

-

Let's check in with the major currency pairs...

The euro dollar rose 3 pips to 1.3187...the dollar yen is up 2 pips to 77.57...and the pound dollar rose 3 pips to 1.5765.

The dollar swissie dipped 1 pip to .9162...the dollar cad fell 2 pips to .9992...and the aussie dollar is up 3 basis points trading at 1.0730.