Bulls Fail to Prevail Amid Lack of Greece Relief Details

Despite the agreement of European leaders to provide some sort of support to help debt- ridden Greece and following a larger-than-expected drop in weekly initial jobless claims, stocks are lower as the agreement was widely expected and amid the lack of any details of a plan out of the Eurozone. Treasuries are mixed, paring early losses that came initially after the employment data. In equity news, PepsiCo reported 4Q earnings that matched analysts' forecasts, while Activision Blizzard, Viacom Inc, and Allstate all topped the Street's forecasts. In M&A news, FirstEnergy Corp and Allegheny Energy Inc have agreed to combine for approximately $4.7 billion. Overseas, Asia moved higher amid some favorable data, while Europe has turned lower amid the lack of Greek support details and a plethora of earnings reports.