Wall Street rebounds on Greece relief

The Wall Street rebounded from Friday's loss and rose broadly higher on Monday after Greece approved steep financial cuts in exchange for a second round of bailout money to avert a disastrous default. The Dow Jones industrial average gained 72.81 points, or 0.57 percent, at 12,874.04. The Standard & Poor's 500 jumped 9.13 points, or 0.68 percent, to 1,351.77. The Nasdaq Composite Index rose 27.51 points, or 0.95 percent, to 2,931.39, once again renewing its 11-year closing record. The gains in the market were broad-based, with only Utilities closing in negative territory among ten sectors in the S&P 500. The market got a clear boost after the Greek parliament approved the austerity package on Sunday, clearing the way for the debt-burdened nation to get the money it desperately needed from the International Monetary Fund and the European Union to pay its debt before the due date in March. However, investors were still cautious before finance ministers from the 17 nations using euro meet in Brussels on Wednesday to decide whether Greece's effort is enough to get the bailout package. Meanwhile, investors kept a close watch on China's investment strategy. China Investment Corp. (CIC) said that it will remain cautious about investing in European government bonds, but will look for opportunities in infrastructure and real industrial projects. Also drawing attentions, U.S. President Barack Obama unveiled a 3.8-trillion-dollar budget request on Monday, aiming to hike taxes on the rich, spend new money on infrastructure and education. According to the budget, the U.S. deficit for fiscal year 2012 will top 1.3 trillion dollars, before falling in 2013 to 901 billion dollars. Among stocks in focus, shares of Apple closed above 500 dollars for the first time on Monday as investors embraced the strong sales of its iPhone 4S. Madison Square Garden (MSG) also spiked to an all-time high on hopes the parent company of the New York Knicks will benefit from enthusiasm about the team's new star player, Jeremy Lin. In other markets, the U.S. dollar fell against major currencies as euro rebounded on Greek deal, while crude prices surged as Iran tension continued. However, U.S. crude oil futures electronic trading was halted for more than one hour due to technical issues, which heavily impacted WTI's settlement. Light, sweet crude for March delivery surged 2.24 dollars, or 2. 27 percent to settle at 100.91 dollars a barrel on the New York Mercantile Exchange.