St up again on the Greece, but fickle investors of the wall

Specialists working on the floor of the New York Stock Exchange on March 3, 2011.

Credit: Reuters/Lucas JacksonBy Edward Krudy

NEW YORK | Tue, June 28, 2011 6 pm EDT

NEW YORK (Reuters) - pink US stocks for a second day Tuesday on optimism that a solution to the debt of the Greece crisis was close, though low volume indicated nervousness underlying in the market.

Buyers are actions after swoon of 7 per cent of the & S P 500 since April, particularly in the products database and technology shares, as investors raised their position of exposure at quarter end and prior to the season of gains in July.

Volatility remained high. CBOE VIX Index.VIX, Wall Street fear gauge, only fallen modestly these days even the stocks have increased, suggesting investors are cautious." Who kept volume low, with billions of 5,91 shares traded on NYSE, AMEX and Nasdaq exchanges, below average.

"It shows a level of rested." "The level of conviction is not shouting high to buy these rallies," said Ciaran O'Kelly, Chief of the shares to Nomura in New York. "It would absolutely be a source of concern."

The Dow Jones industrial average.DJI has acquired 145.13 points or 1.21% to 12,188.69. Standard & Poor 500 Index.SPX increased 16,57 points or 1.29%, to 1,296.67. Index Composite Nasdaq.IXIC added points 41.03 or 1.53% to 2,729.31.

The & S P 500 now rallied more than 2% over the last two days.

The first of two votes (s) to approve measures to reduce budgetary Greece, crucial to receive international assistance, is set for Wednesday.

"All eyes will be on the situation in Europe, that we are going in the second half of the week," said O'Kelly. "The world monitors events in Greece to be held in the next 48 hours."

Cyclic areas such as energy, retail market and materials, which is more sensitive to changes in the economy and have less than this year, building.

The S & P.GSPE energy index soared by nearly 2.7%, the biggest gainer among sectors of S & P. Halliburton Co (HAL.)(N) gained 5.3% to $48.69, while Chevron Corp. (CLC).(N) have increased by 1.5% to $100.35.

In advance an indication of the season of gains, Nike Inc. (NKE)(N) rose 10.1% to $89.90 a day after the Declaration of income in the fourth quarter that beat expectations, while robust force suggested orders for the future.

"The greatest risk in the market is that the press is not negative and we rally on good earnings, said Marc Pado, strategist, market U.S. Cantor Fitzgerald & Co in San Francisco."

"The more the market grows higher, more it makes people who are exposed under nervous,"he says."

Greek legislators will vote Wednesday and Thursday on measures which must be sent to receive the next payment. If the Greece does not fund, investors fear a crisis and European credit market freeze could follow.

Also helping sentiment, progress was reported in talks to persuade European banks and insurers to derail voluntarily coming to maturity of Greek debt.

Although investors were generally optimistic about the Greece Volatility Index the CBOE suggested caution. The index stood at 19.23, a number considered as relatively high.

"While equity markets rallied this week, the VIX has held, losing only one point until this week, reflecting nervousness that persists in the market with the upcoming vote," said strategists of derivatives of Nomura in New York.

(Reports by Edward Krudy;) (Editing by Kenneth Barry)