Stocks were poised for a higher open on Monday, putting the S&P 500 on track to bounce back from its biggest one-day loss of the year, as Greece's parliament approved strict financial reforms needed to obtain its latest international bailout package.
The European banking shares index <.SX7P> gained 1.1 percent, and an index of Greek banks <.FTATBNK> jumped 10.8 percent after the vote, which had sparked widespread rioting in Athens. The euro gained 0.22 percent against the dollar.
Bank of America Corp
There was some apprehension about it, but the fact of the matter is it was done, and it's given some very real clarity to markets in terms of what kind of risk Greece represents to the market, said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
The politicians that were put in place, particularly the prime minister by the (European Central Bank), delivered on the goods, and the markets are largely banking on the fact he will be able to deliver on the actual outcome.
Even with parliamentary approval, the Greek government remained under pressure to convince a skeptical euro zone that it would abide by the terms of a multi-billion-euro rescue package.
S&P 500 futures rose 7.9 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 73 points, and Nasdaq 100 futures added 15.5 points.
Prudential Financial Inc
Industrial conglomerate United Technologies Corp
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
Regeneron Pharmaceuticals Inc
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.
(Reporting By Chuck Mikolajczak; Editing by Padraic Cassidy)