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STOCKS MAKE BIG COMEBACK: Here's What You Need To Know (DIA, SPY, QQQ, GS, JNJ, INTC, WYNN)

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Fed Chairman Ben Bernanke spoke today.  He reminded us that the economy was in bad shape.  But he didn't offer any new signs of more easy monetary policy.

First the scoreboard:

Dow: 12,805, +78.3, +0.6%
S&P 500: 1,363, +10.1, +0.7%
NASDAQ: 2,910, +13.1, +0.4%

And now the top stories:

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OBAMA: My Tax Plan Is Not Class Warfare

President Barack Obama was adamant Monday that his calls for extending the Bush-era tax cuts only for Americans earning less than $250,000 do not amount to class warfare, while at the same time saying that he will veto any legislation that extends all of the tax cuts. 

"I would veto it and here’s why: What I’m proposing is that we give a tax break, that we make sure that taxes don’t go up on 98 percent of Americans — 98 percent. But to extend tax breaks for that top 2 percent of wealthiest Americans would cost us a trillion dollars over the next decade," Obama said in an interview with New Orleans' WWL-TV Monday afternoon, one of eight television hits the President did with local reporters (mostly from key battleground states) to promote his position on the tax cuts. 

"Now at a time when we’re trying to bring down our deficit to give me a tax break or Warren Buffet a tax break that costs a trillion dollars and 80 percent of that would go to people who make a million dollars or more, that would mean that we would have to cut something," he added. 

Watch the video below:

In another interview Monday, with New Hampshire's WMUR television station, Obama insisted that his tax position "really shouldn't" renew criticisms that his campaign is engaging in class warfare to win the election.

He also defended his campaign's recent attacks against Republican presidential candidate Mitt Romney, who is something of a native son in the Granite State. 

Stressing the need for transparency in the presidential race, Obama called on Romney to be an "open book" about his financial holdings and income tax returns:

“Obviously there are unpleasant aspects of being poked and probed, and I understand that,” Obama told WMUR reporter Josh McElveen. “But it’s important for you to say here’s who I am, and here’s how I’ve done.”

Now here's why Obama is challenging Romney to a war over the fiscal cliff > 

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European Leaders Agree To Spanish Bailout, Will Ready €30 Billion This Month

Mariano Rajoy Spain Pm

BRUSSELS (AP) — Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spain's troubled banks, saying that €30 billion ($36.88 billion) can be ready by end of this month.

The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, having first obtained the approval of their governments or parliaments, eurozone chief Jean-Claude Juncker said early Tuesday morning

As part of the agreement with Spain, finance ministers from all 27 European Union countries are expected Tuesday to approve a one-year extension, until 2014, of Spain's deadline for achieving a budget deficit of 3 percent.

There will be specific conditions for specific banks, and the supervision of the financial sector overall will be strengthened, Juncker said.

"We are convinced that this conditionality will succeed in addressing the remaining weakness in the Spanish banking sector," he said.

Dutch Finance Minister Jan Kees de Jager said the agreement should be finalized soon.

"We have a tentative deal on the bailout conditions for a bailout of Spanish banks," De Jager said. "The total will likely be 100 billion euros ($124 billion). Some countries like the Netherlands, Germany and Finland need to get parliamentary approval. We hope this can be wrapped up within a week."

De Jager said Madrid's partners agree that "financial sector reforms in Spain must be ruthlessly implemented. These reforms include notably a cap on salaries of bank executives and a ban on bonuses."

However, he said a system of EU-wide banking supervision still needs to be worked out.

"There are still differences over this," he said. "The details will be worked out by the end of the year."

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