Stocks Opened Higher After Greece Approves Deal

U.S. stocks started higher on Monday as Greece’s parliament approved strict financial reforms needed to obtain its latest bailout package. The Dow Jones Industrial Average lately rose 56.69 points to 12,857.92. The S&P 500 added 7.40 points to 1,350.04. The Nasdaq Composite climbed 21.59 points to 2,925.47.

Greece’s parliament voted 199 to 74 just past midnight on Monday to approve new spending cuts and other austerity measures demanded by the nation’s international lenders. The approval means Greece will likely receive a second bailout and avert a March default.

President Barack Obama on Monday will formally submit his fiscal 2013 budget plan to Congress and it is likely to look more like a blueprint for the re-election campaign rather than a serious budget proposal, analysts said.

Oil rebounded from a three-day low in New York after Greece’s parliament approved austerity measures to obtain an international bailout, while concern grew that a ban on Iranian oil may constrict supplies. Crude for March delivery rose as much as $1.32 to $99.99 a barrel in electronic trading on the New York Mercantile Exchange.

U.S. 10-year Treasuries declined, pushing the yield up by two basis points to 2.01 percent at 7:14 a.m. London time. The 30-year bond yield also increased two basis points, to 3.16 percent.