Investing.com - U.S. stock markets were higher after the open on Monday, as market sentiment improved after Greek officials over the weekend voted to approve austerity measures, easing concerns over a messy sovereign debt default.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.45%, the S&P 500 index rose 0.55%, while the Nasdaq Composite index added 0.65%.
Greek lawmakers approved on Sunday a set of spending and wage cuts needed to secure the country’s EUR130 billion bailout package and avoid a sovereign debt default.
Attention now shifts to a meeting Wednesday of euro zone finance ministers, who will discuss the approval of the debt-laden country’s second bailout before a March 20 deadline.
Greece has a EUR14.5 billion bond repayment due on March 20 and requires the bailout funding in order to be able to make that payment and avoid a messy default.
Despite the upbeat mood, markets remained cautious amid uncertainty over the implementation of the austerity plan and ahead of the final outcome of the debt write-off negotiations between Athens and its private creditors.
Shares in the financial sector led gains, tracking their European counterparts higher. Bank of America saw shares climb 2.5%, investment bank Morgan Stanley rose 1.7%, while U.S.-listed shares of National Bank of Greece soared 14.5%.
Meanwhile, shares in ATM-manufacturer Diebold soared 10.1% after reporting stronger-than-expected fourth quarter results and forecast above-consensus 2012 targets for revenue and earnings.
The second largest U.S. natural gas producer Chesapeake Energy climbed 4.1% after saying that it planned to raise as much as USD12 billion to fund its 2012 capital expenditures and to provide additional liquidity for 2013.
Shares in consumer electronics giant Apple tacked on 1.55% after the company asked a federal court in California to block Samsung from selling its new Galaxy Nexus smartphones, alleging four patent violations.
Meanwhile, U.S. listed shares of Vodafone Group added 0.5% after saying it was evaluating an offer for U.K.-based Cable & Wireless Worldwide.
With no economic data on the calendar for Monday and the earnings calendar rather light, any developments surrounding Greece were likely to remain in focus.
Also Monday, U.S. President Barack Obama was to present his annual budget, including a USD4 trillion plan to create jobs while narrowing the federal budget deficit.
Across the Atlantic, European stock markets were up, but off their earlier highs. The EURO STOXX 50 rose 0.4%, France’s CAC 40 eased up 0.15%, Germany's DAX gained 0.6%, while Britain's FTSE 100 added 0.85%.
During the Asian trading session, Hong Kong's Hang Seng Index advanced 0.5%, while Japan’s Nikkei 225 Index added 0.6%, with market participants largely shrugging off data showing Japan’s economy contracted by a greater-than-expected 0.6% in the last three months of 2011.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.45%, the S&P 500 index rose 0.55%, while the Nasdaq Composite index added 0.65%.
Greek lawmakers approved on Sunday a set of spending and wage cuts needed to secure the country’s EUR130 billion bailout package and avoid a sovereign debt default.
Attention now shifts to a meeting Wednesday of euro zone finance ministers, who will discuss the approval of the debt-laden country’s second bailout before a March 20 deadline.
Greece has a EUR14.5 billion bond repayment due on March 20 and requires the bailout funding in order to be able to make that payment and avoid a messy default.
Despite the upbeat mood, markets remained cautious amid uncertainty over the implementation of the austerity plan and ahead of the final outcome of the debt write-off negotiations between Athens and its private creditors.
Shares in the financial sector led gains, tracking their European counterparts higher. Bank of America saw shares climb 2.5%, investment bank Morgan Stanley rose 1.7%, while U.S.-listed shares of National Bank of Greece soared 14.5%.
Meanwhile, shares in ATM-manufacturer Diebold soared 10.1% after reporting stronger-than-expected fourth quarter results and forecast above-consensus 2012 targets for revenue and earnings.
The second largest U.S. natural gas producer Chesapeake Energy climbed 4.1% after saying that it planned to raise as much as USD12 billion to fund its 2012 capital expenditures and to provide additional liquidity for 2013.
Shares in consumer electronics giant Apple tacked on 1.55% after the company asked a federal court in California to block Samsung from selling its new Galaxy Nexus smartphones, alleging four patent violations.
Meanwhile, U.S. listed shares of Vodafone Group added 0.5% after saying it was evaluating an offer for U.K.-based Cable & Wireless Worldwide.
With no economic data on the calendar for Monday and the earnings calendar rather light, any developments surrounding Greece were likely to remain in focus.
Also Monday, U.S. President Barack Obama was to present his annual budget, including a USD4 trillion plan to create jobs while narrowing the federal budget deficit.
Across the Atlantic, European stock markets were up, but off their earlier highs. The EURO STOXX 50 rose 0.4%, France’s CAC 40 eased up 0.15%, Germany's DAX gained 0.6%, while Britain's FTSE 100 added 0.85%.
During the Asian trading session, Hong Kong's Hang Seng Index advanced 0.5%, while Japan’s Nikkei 225 Index added 0.6%, with market participants largely shrugging off data showing Japan’s economy contracted by a greater-than-expected 0.6% in the last three months of 2011.