U.S. Stocks Rise on Greek Austerity Vote, Bank of America Corp. and Citigroup Inc. Climbing

As reported by Rita Nazareth from Bloomberg, U.S. stock futures rose, after the first weekly loss for the Standard & Poor’s 500 Index in 2012, as Greece approved austerity plans to secure rescue funds.

Bank of America Corp. and Citigroup Inc. climbed more than 2.1 percent as a measure of European lenders gained. Alcoa Inc. and Freeport-McMoRan Copper & Gold Inc. added at least 1.5 percent as the S&P GSCI Index of commodities increased 1.1 percent. Apple Inc. rose 1.2 percent and traded near $500. Nvidia Corp. advanced 2.5 percent after the maker of graphics processors was raised at FBR Capital Markets.

S&P 500 futures expiring in March added 0.6 percent to 1,349.10 at 9:10 a.m. New York time. Dow Jones Industrial Average futures rose 74 points, or 0.6 percent, to 12,841.

“This has been a broad risk-on rally,” Mike Ryan, the New York-based chief investment strategist at UBS Wealth Management Americas, said in a telephone interview. “It’s not surprising to see the market rebound. The fact that the Greek Parliament was able to push through the austerity measures was widely expected. This eliminates one of the stumbling blocks, but it doesn’t solve the Greek issue. The issue now is the next step in this process. Our view is that Greece is going to struggle to make payments going forward.”

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