“[The Greek election] is going to be another kicking the can down the road for a while,” said Art Cashin, director of floor operations at UBS Financial Services. “I’m far more concerned about the election in Egypt…[but] the market has ignored many geopolitical risks out there and we’ve become so obsessed with the Grecian problem that nothing else seems to matter.”

Officials from the G20 nations, who are scheduled to meet next week in Mexico, said central banks were ready to take steps to stabilize financialmarkets by providing liquidity and prevent any credit squeeze if severe market strains emerged after Sunday's election in Greece. (Read More: Why Joint Central Bank Action Won’t Work )

“Even if New Democracy ends up winning, unless you find a way to help Greece’s economy grow when you abandon austerity, this issue’s going to resurface over and over again, leading to increased volatility throughout the year," said Joseph Tanious, market strategist at JPMorgan Asset Management.