Wall
Street opened sharply higher on Monday after euro zone leaders reached
an agreement with Greece to move forward with a third bailout loan for
the country to avert bankruptcy.
Greece
won conditional agreement to receive a possible $95 billion over three
years, along with an assurance that euro zone finance ministers would
start discussing ways to bridge a funding gap until a bailout – subject
to parliamentary approvals – is finally ready.
That will only happen if Greek Prime Minister Alexis Tsipras can meet a tight timetable for enacting unpopular reforms of value added tax, pensions and quasi-automatic budget cuts.
World markets rose, while the dollar index .DXY gained 0.51 percent to $96.50 against a basket of major currencies following news of the deal.
Chinese stocks rose for a third straight session as data showed exports increased while imports slipped in June, a tentative sign global demand might be on the mend.
At 9:40 a.m. ET the Dow Jones industrial average .DJI was up 166.36 points, or 0.94 percent, at 17,926.77. The S&P 500 .SPX was up 16.43 points, or 0.79 percent, at 2,093.05 and the Nasdaq composite .IXIC was up 43.74 points, or 0.88 percent, at 5,041.44.
All the 10 major S&P 500 sectors were higher. The consumer discretionary index's .SPLRCD 1.07 percent rise led the gains.
Financial stocks were also higher with the index .SPSY gaining 0.99 percent, following the Greek debt deal. Big banks such as JPMorgan JPM.N, Bank of America BAC.N, Citigroup C.N were all up 1 percent.
Oil prices tumbled as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets.
However, the oil price slide boosted U.S. airline stocks .DJUSAR. American Airlines AAL.O, United Continental UAL.N, JetBlue JBLU.O, Alaska Air ALK.N were all up between 1.5 to up 2 percent.
Apple AAPL.O shares were up 1.1 percent at $124.64 after Socgen upgraded the company's stock to "buy" from "hold", saying it expected a successful launch of the new iPhone 6S handset in September.
Ascena Retail Group ASNA.O slumped 13.9 percent to $14.10 after the retail chain cut its full-year profit forecast.
Remy International REMY.O soared 42 percent to $29.15 after auto parts maker BorgWarner BWA.N said it would buy the company for about $1.2 billion in cash, including debt. BorgWarner's shares rose 0.5 percent to $53.90.
The U.S. Treasury Department is scheduled to issue its June budget report at 2 p.m. ET. The department is expected to post a budget surplus of $51.0 billion, compared with a $82.4 billion deficit reported in May.
That will only happen if Greek Prime Minister Alexis Tsipras can meet a tight timetable for enacting unpopular reforms of value added tax, pensions and quasi-automatic budget cuts.
World markets rose, while the dollar index .DXY gained 0.51 percent to $96.50 against a basket of major currencies following news of the deal.
Chinese stocks rose for a third straight session as data showed exports increased while imports slipped in June, a tentative sign global demand might be on the mend.
At 9:40 a.m. ET the Dow Jones industrial average .DJI was up 166.36 points, or 0.94 percent, at 17,926.77. The S&P 500 .SPX was up 16.43 points, or 0.79 percent, at 2,093.05 and the Nasdaq composite .IXIC was up 43.74 points, or 0.88 percent, at 5,041.44.
All the 10 major S&P 500 sectors were higher. The consumer discretionary index's .SPLRCD 1.07 percent rise led the gains.
Financial stocks were also higher with the index .SPSY gaining 0.99 percent, following the Greek debt deal. Big banks such as JPMorgan JPM.N, Bank of America BAC.N, Citigroup C.N were all up 1 percent.
Oil prices tumbled as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets.
However, the oil price slide boosted U.S. airline stocks .DJUSAR. American Airlines AAL.O, United Continental UAL.N, JetBlue JBLU.O, Alaska Air ALK.N were all up between 1.5 to up 2 percent.
Apple AAPL.O shares were up 1.1 percent at $124.64 after Socgen upgraded the company's stock to "buy" from "hold", saying it expected a successful launch of the new iPhone 6S handset in September.
Ascena Retail Group ASNA.O slumped 13.9 percent to $14.10 after the retail chain cut its full-year profit forecast.
Remy International REMY.O soared 42 percent to $29.15 after auto parts maker BorgWarner BWA.N said it would buy the company for about $1.2 billion in cash, including debt. BorgWarner's shares rose 0.5 percent to $53.90.
The U.S. Treasury Department is scheduled to issue its June budget report at 2 p.m. ET. The department is expected to post a budget surplus of $51.0 billion, compared with a $82.4 billion deficit reported in May.
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