Greece not the only current concern for investors

Greece's financial woes are earning headlines. But the country's situation is just one of the factors causing uncertainty in markets worldwide.

"Absent the obsessive focus on Greece-given that a deal has been struck-U.S. earnings are now under the microscope, with the main event being Federal Reserve Chairwoman Janet Yellen's testimony on Capitol Hill," says Quincy Krosby, a market strategist for Prudential. "Investors are focused on her assessment of the economy, particularly the labor market. Based on Yellen's comments from June 10, the possibility of a 2015 rate hike is still on the table."

Krosby adds that Yellen's testimony, coupled with her answers to questions, could push market volatility higher if investors perceive that she is, in fact, moving closer to a rate hike this year.

China also continues to be an issue. Krosby notes that the latest government measures put in place to "stem havoc in its markets are working, at least for now," and that fact is helping riskier assets.

Want to speak with Quincy? Contact Dave Artuso.

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