Oil & Gas, Basic Materials Leading Market Comeback

Markets are moving higher today after comments by members of the G8 reiterate their support for Greece. Polls in Greece now show a tie between anti-austerity candidates and candidates who are in favor of staying in the EU. The market is looking ahead to elections in Greece which will be held on June 17th. In the meantime, the market is rallying back from losses suffered since the beginning of May.

SPDR S&P 500 (NYSE: SPY) is up 1.6 percent intra-day. M&A activity involving Eaton (NYSE: ETN) and Cooper Industries (NYSE: CBE) is certainly helping.

SPDR S&P Oil & Gas Explor (NYSE: XOP) is moving higher as crude catches a bid today.

Basic material stocks are also moving higher today, with the materials Select Sector SPDR (NYSE: XLB) recovery after selling off last week due to concerns out of Europe.

PowerShares QQQ (Nasdaq: QQQ) is posting gains of 2 percent. SPDR Gold Shares (NYSE: GLD) is flat, and United States Oil (NYSE: USO) is posting a solid gain of 1.6 percent.

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