Stocks Rally On Hopes for a "Big Fat" Greek Bailout

U.S. stocks are stronger today as it is becoming more apparent to the market that the European Union will come to the aid of debt-ridden Greece.

With two hours left in the normal trading day, the Dow is up 188 points, the Nasdaq is up 29 points and the S&P 500 is up 17.

Speculation that help would be coming heated up after European Central Bank President Jean-Claude Trichet announced plans to leave an event in Australia earlier than expected to attend a European Union Council meeting Thursday.

Incoming European Union economic affairs commissioner Olli Rehn said support for Greece will be discussed in coming days.

Germany is also said to be discussing Greek aid, although there has been conflicting reports on exactly what type of support will be given.

After falling below 10,000 for the first time in three months yesterday the popular Dow average is back above that level today.

In addition to outside aid, Greece has taken some steps to tackle its massive deficits. The country confirmed it will raise the average retirement age by two years to 63 years and may also overhaul the tax system.

In addition to the Greek situation, Dow-component Coca-Cola (NYSE: KO) reported a 55 percent surge in fourth quarter profits on the back of strong overseas sales.

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