U.S. stocks are opening higher Monday after Greece reached an agreement with its creditors on a new loan package that will help keep the country in the euro. European and Asian markets also rose. Comcast rose 1.1 percent after the giant cable TV company said it would launch a streaming video service.
KEEPING SCORE: The Dow Jones industrial average gained 170 points, or 0.9 percent, to 17,760 as of 9:55 a.m. Eastern time. The Standard & Poor’s 500 index increased 16 points, or 0.8 percent, to 2,093. The Nasdaq composite climbed 46 points, or 0.9 percent, to 5,044. The gains were broad. Four stocks rose for every one that fell on the New York Stock Exchange.
A NEW DEAL: European leaders reached a tentative agreement on new loans for Greece, removing an immediate threat that the country would default on its debt and leave the euro. Nine hours after a self-imposed deadline passed, the leaders announced the breakthrough early Monday. The deal needs approval from Greece’s parliament, among others. The country will have to accept tough budget conditions in exchange for a three-year rescue program.
EUROPE: France’s CAC 40 added 1.8 percent and Germany’s DAX rose 1.1 percent. Britain’s FTSE 100 edged up 0.7 percent.
ASIA'S DAY: Japan’s Nikkei 225 gained 1.6 percent. South Korea’s Kospi climbed 1.5 percent and Hong Kong’s Hang Seng rose 1.3 percent. The Shanghai Composite added 2.4 percent, bouncing back after a slew of government measures to halt a dramatic slide.
ENERGY: Benchmark U.S. crude was down 83 cents to $52.30 a barrel on the New York Mercantile Exchange. Oil prices have dropped as expectations grow that a provisional agreement may be reached soon on the Iran nuclear talks.
BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.45 percent from 2.40 percent late Friday. The euro fell to $1.1043 from $1.1128 late Friday. The dollar rose to 123.43 yen from 122.83 yen.
AP Business Writer Yuri Kageyama contributed to this story from Tokyo.
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