What fueled the surge? Greece and Eurozone officials reached an agreement to extend the country's bailout for another four months.
Today's Scorecard:
Dow: 18,140.44, +154.67, +0.86%
S&P 500: 2,110.30, +12.85, +0.61%
Nasdaq: 4,955.97, +31.27, +0.63%
The S&P 500 Volatility Index (VIX), the market's fear gauge, dipped 6% on the day.
What Moved the Markets Today: Eurozone and Greek officials met for five hours this afternoon and emerged with an agreement to extend the nation's financial rescue for another four months. The deal was approved by all 19 governments of the European Union on the condition that Greece provide an initial list of reform measures by Monday. The Global X FTSE Greece 20 ETF (NYSE Arca: GREK) jumped more than 10%, while shares of the National Bank of Greece (NYSE ADR: NBG) jumped more than 21%.
Now, check out the other top market stories - plus get our new profit tip for investors:
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Money Morning Tip of the Day: You can make any investment virtually risk-free under the right circumstances by using a strategy called the "free trade."
Today's tip comes from Money Morning Chief Investment Strategist Keith Fitz-Gerald:
Markets are now at new record highs. Many investors are sitting on solid profits and, in doing so, taking on a lot more risk than they should.
So now is a perfect time to discuss one of my favorite tactics: the free trade.
This strategy lets you do three things at once:
It's simple. Here's how it works:
Once an investment delivers at least 100% returns, sell half your position to capture profits. Then redeploy those profits into other investments, and let the remaining shares of the first investment run.
So you get back your original investment, and you maintain all the upside you can handle, essentially "for free." Even better, since you've now "paid" for your investment, you can stay in the game with not another dollar at risk, even if the stock you've just harvested has a reversal in fortune and goes from hero to zero.
A free trade works in all market conditions, on any investment, and can be set up well in advance. No other technique I know of comes close in terms of simplicity or effectiveness.
Keith Fitz-Gerald is a seasoned market analyst and professional trader with more than 30 years of experience. Forbes.com recently hailed him as a "market visionary." For more investing tips and stock picks from Fitz-Gerald, go here...
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.