As Europe stemmed fears of contagion from Greece’s default by arranging voluntary rollovers of private bonds and the United States hammers out a deal over its debt ceiling, stocks tentatively moved up in Tuesday trading.

The “wild card,” says BlackRock’s Bob Doll, is a substantial downgrade of U.S. debt from one or more of the ratings agencies, which would push any investors required to hold AAA debt to sell Treasuries.

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