- 13Feb
(Reuters) - Stocks rose at the open Monday, with the S&P 500 recouping nearly all of its declines from the previous session, as Greece's parliament approved strict financial reforms needed to obtain its latest international bailout package.
The European banking shares index .SX7P gained 1.1 percent, and an index of Greek banks .FTATBNK surged 13.5 percent after the vote, which had sparked widespread rioting in Athens. The euro gained 0.15 percent against the dollar.
Bank of America Corp (BAC.N) climbed 2.4 percent to $8.27 in New York and Citigroup Inc (C.N) advanced 2 percent to $33.59. The KBW bank index .BKX added 1 percent.
"There was some apprehension about it, but the fact of the matter is it was done, and it's given some very real clarity to markets in terms of what kind of risk Greece represents to the market," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
"The politicians that were put in place, particularly the prime minister by the (European Central Bank), delivered on the goods, and the markets are largely banking on the fact he will be able to deliver on the actual outcome."
Even with parliamentary approval, the Greek government remained under pressure to convince a skeptical euro zone that it would abide by the terms of a multi-billion-euro rescue package.
While Greece's economy is small in the context of the euro zone, investors are concerned the ramifications of a disorderly default could spread through the financial system and put other weaker members of the bloc at risk.
The Dow Jones industrial average .DJI gained 55.93 points, or 0.44 percent, to 12,857.16. The Standard & Poor's 500 Index .SPX rose 7.30 points, or 0.54 percent, to 1,349.94. The Nasdaq Composite Index .IXIC added 22.46 points, or 0.77 percent, to 2,926.34.
The benchmark S&P index traded near the 1,350 level, seen as a resistance point, which some analysts see as a possible trigger for a pullback after a rally of more than 7 percent to start the year.
Apple Inc (AAPL.O) raised the stakes in an intensifying global patent battle with Samsung Electronics (005930.KS) by targeting Samsung's latest model using Google Inc.'s (GOOG.O) fast growing Android software, a move that may affect other Android phone makers.
Apple shares were up 1.8 percent to $502.41 and Google edged up 1 percent to $612.
Google is expected to win approval from European regulators, as well as from U.S. antitrust authorities, for its planned $12.5 billion purchase of Motorola Mobility (MMI.N), according to people familiar with the matter.
Regeneron Pharmaceuticals Inc (REGN.O) jumped 11.5 percent to $113.83 after the company significantly raised its 2012 sales forecast for its key eye drug, Eylea.
As earnings season moves into its final stages, 51 companies in the S&P 500 are scheduled to report results this week. According to Thomson Reuters data through Monday, of the 357 companies in the benchmark index that have released results, 64 percent have beat analyst expectations.
President Barack Obama is scheduled to submit to the U.S. Congress his fiscal 2013 budget proposal, which attempts to chart a fiscal path for the next 10 years.
(Reporting By Chuck Mikolajczak; Editing by Padraic Cassidy)
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