Stocks Rose at Open after Cyprus Deal

U.S. stocks opened higher on Monday after negotiators reached a deal hours before a deadline to keep Cyprus afloat with a financial bailout and avert the country’s possible exit from the euro zone. The Dow Jones industrial average lately gained 39.69 points, or 0.27 percent, to 14,551.72. The Standard & Poor’s 500 Index added 7.25 points, or 0.47 percent, to 1,564.14. The Nasdaq Composite Index advanced 13.34 points, or 0.41 percent, to 3,258.34.

Cyprus secured a last-minute bailout from international lenders early Monday after agreeing to restructure and shrink its banking sector, averting bankruptcy and triggering a modest relief rally across global financial markets. The cash-strapped island nation struck a bargain with the European Central Bank (ECB), the European Commission and the International Monetary Fund — collectively known as the Troika — clearing the main hurdle to securing 10 billion euros ($13 billion) in crucial financing.

Best Buy Co Inc (BBY.N) founder Richard Schulze, who left the board last year and later failed in his effort to take the company private, will rejoin the retailer as chairman emeritus and add two of his former colleagues to the board.

U.S regulators approved on Monday a plan to compensate market makers who lost money in a botched Facebook Inc (FB.O) public offering on Nasdaq OMX Group Inc’s (NDAQ.O) Nasdaq exchange.

Japan and the European Union agreed Monday to start negotiations for a free trade pact encompassing nations that account for nearly a third of the world economy.

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