Market Wrap 09/13: Merkel Mulls Greece; Poor are Poorer; Best Buy Earns Less; China Will Invest in Something Italian

End of the Day: Dow Jones up 44 to 11,105.85; Nasdaq up 37 to 2532.15; S&P 500 up 11 to 1172.87

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

• If Greece goes down, Merkel will show 'em how: German Chancellor Angela Merkel said Greece is taking the right steps in order to get its next bailout payment, and said Germany wouldn't allow "uncontrolled insolvency" because of risk of contagion in other euro-area countries.
  
  The comments certainly don't echo those of her own coalition, which have called for Greece to be allowed to become insolvent and exit the currency union. The coalition also would not rescue German banks which have exposure in the event that Greece goes into default.
  
  So, Merkel is looking for an orderly default from Greece, but also expects it to qualify for the next round of financing. Hmm...
  
  
• France financials firm: The Merkel news pushed French banking stocks higher Tuesday. France's banks took a hit Monday on potential default of Greece and the exposure they currently hold. Société Générale SA shares ended 15 percent better, while BNP Paribas closed up 7.2 percent, and Crédit Agricole SA ended 6.7 percent better.
  
  
• Yes, that's a hole in your pocket: Census Bureau data, released today, showed the gap between the rich and poor is widening. Americans living in poverty rose from 14.3 percent in 2009 to 15.1 percent last year. Further, median household income fell 2.3 percent last year. Americans lacking health insurance rose from 49.0 million to 49.9 million in 2010.
  
  
• Retailers offer more mixed signals than a first date: Best Buy Co. Inc. (NYSE: BBY) missed second-quarter views as sales slumped in several key areas on lack of new products, offset only slightly by lower costs. The retail giant also cut its FY12 EPS outlook. Click here for analyst comments on the quarter.
  
  Best Buy CEO Brian Dunn didn't sound confident in a Bloomberg interview, saying the consumer is making "very measured" choices, and he doesn't see 2011 as a year when consumers "buy a TV, and a tablet [PC], and a new smartphone, and go to Disneyland (NYSE: DIS)." Best Buy ended Tuesday about 6.5 percent lower.
  
  On a happier note, Dell (Nasdaq: DELL), which offers PCs at Best Buy locations, authorized an additional $5 billion for common stock buybacks.
  
  
• Italy - "China's not-a buying debt." China - "無話可 說": According to a rep for Italy, the country merely is in discussions with China about investment in Italy's industrial sector, not the purchase of government bonds. The news counters what was reported in the Financial Time on Monday, saying Italy entertained delegates from China who oversee a special fund made for international investment.
  
  China has neither affirmed or denied buying Italian bonds.

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