Market Wrap 09/12: Greece Looks Slippery; Obama: 'Jobs', BofA: 'No Jobs'; Grazie, China!; Broadcom Acquisition is Logical

End of the Day: Dow Jones up 69 points to 11,061.12; Nasdaq up 27 points to 2495.09; S&P 500 up 8 points to 1162.27.

The following is a brief summary of events moving markets today:

• Odds that Greece will default roared higher today, with expectations up to a record 98 percent. Monday, CMA data showed that the cost of insuring $10 million of Greek debt over the next five years would require an initial outlay of $5.8 million, and a $100,000 maintenance fee paid annually to use credit-default swaps to protect your position. The news, and subsequent shakeout for banks with exposure, kept U.S. markets in the red most of Monday's session.
  
  
• Obama and Bank of America (NYSE: BAC) appeared to be split on jobs Monday. In an effort to elaborate on his jobs plan first introduced last Thursday, President Obama said that the $447 billion proposal would be funded mainly through cutting tax breaks for oil and gas companies, hedge fund managers, and Americans that make over $200,000 per year. The proposal is expected to add anywhere from one to two million jobs over the next 12 to 18 months, and cease about $467 billion of tax breaks over the next ten years.
  
  Conversely, Bank of America, and this is no finger pointing or unknown information, said the first phase of it's "Project New BAC" calls for the elimination of 30,000 positions, the first 3500 of which are expected to be cut within the next several months. The move highlights the continued divide between the government and private business. BofA noted that the 30,000 would be cut over several years, and hiring would continue in key areas of growth within the firm. Click here for a little more color on the move.
  
  
• Finacial Times shook-up markets, causing them to move higher into the close Monday, after reporting that Italy may seek aid from China to help resolve its credit crisis. Italy is hoping China will make "significant" investments in Italian bonds and strategic investments in companies.
  
  FT notes that China Investment Corp Chairman Lou Jiwei led a delegation to Rome last week to hold talks with Italian Finance Minister Giulio Tremonti and Casse Depositi e Prestiti, which is a state-controlled entity which has established a strategic fund for Italy which is open to foreign investors.
  
  Of Italy's €1.9 trillion in debt outstanding, it wasn't clear how much China already owns, or is planning to further invest in, but one Italian official told FT China owns about 4 percent of the debt.
  
  
• In M&A land, Broadcom Corp. (Nasdaq: BRCM) and NetLogic (Nasdaq: NETL) entered an agreement whereby Broadcom would acquire NetLogic for $50 per share, or about $3.7 billion net of cash.
  
  The news was big for chips today, the ETF Semiconductor HOLDRs (NYSE: SMH) closing 2.1 percent higher on the session. The acquisition should complement Broadcom's offerings, both operate in the networking sector. On the news, Broadcom closed just over 1 percent lower, which is not too bad for a $3.7 billion acquisition.

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