Futures Head North on Greece Deal
Stock index futures rose on Monday, indicating the S&P 500 would rebound from its biggest loss of the year as Greece's parliament approved strict financial reforms needed to obtain its latest bailout package.
The European banking shares index <.SX7P> gained 0.9 percent, led by a 9.7 percent jump in the National Bank of Greece SA <NBGr.AT> to $2.94. Bank of America Corp <BAC.N> climbed 1.7 percent to $8.21 in New York premarket trade and the euro gained 0.3 percent against the dollar. <.EU>
Even with parliamentary approval, the Greek government remained under pressure to convince a skeptical euro zone that it would stick to the terms of a multi-billion-euro rescue package, despite violent protests in Athens.
S&P 500 futures rose 8.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 63 points, and Nasdaq 100 futures added 15.5 points.
Shares in Asia also moved higher on the Greek agreement.
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.
Prudential Financial Inc <PRU.N>, the No. 2 U.S. life insurer, hired Bank of America Merrill Lynch to advise on its possible bid for ING Groep NV's <ING.AS> Asian insurance operations, South Korean media reported, in what is potentially Asia's second-biggest insurance sale ever.
Industrial conglomerate United Technologies Corp <UTX.N> is reviewing the possibility of selling its flow and compressor businesses that could fetch a combined $3.5 billion, people familiar with the matter said.
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.
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 Friday, of the 352 companies in the benchmark index that have released results, 63 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.