Asian markets began the week on an up note, encouraged by Greece's successful passage of an austerity bill. The Nikkei rose .6% to 8999, and the Kospi gained .6% as well, led by car makers. Australia's ASX 200 rallied .9%, the Hang Seng advanced .5%, and the Shanghai Composite closed flat.
In Europe, stocks posted moderate gains, the region's response to Greece's austerity bill was muted.. The FTSE climbed .9%, as Cable & Wireless Worldwide soared 37% after Vodafone revealed it is considering a takeover bid for the company. The DAX gained .7%, and the CAC40 rose .3%.
Similar gains were achieved in the US. The Nasdaq led the advance climbing 1% to 2931. The Dow added 73 points to 12874, and the S&P 500 gained .7% to 1352.
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Apple shares closed up 9.18 to 502.60, crossing the $500 mark for the first time, amid rumors the company may soon declare a dividend.
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First Solar slumped 5% to 41.72 after Brigantine cut its rating to "hold" from "buy".
Treasuries and Commodities
Bonds rose modestly, with 10-year notes up 4/32 to yield 1.97%, and 30-year notes up 15/32 to yield 3.12%.
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Crude oil jumped 2% to 100.60, and gasoline gained .9% to 3.0025, while natural gas shed 1.7% to 2.434.
Silver edged up .3% to 33.69, while copper slid .6% to 3.8375, and gold closed flat.
Agricultural futures rallied, as wheat climbed 1.8%, soybeans jumped 1.9%, and corn added 1.2%.
Currency markets traded in relatively narrow ranged on Monday. The Euro eased 8 pips to 1.3190, the Pound rose .1% to 1.5771, while the Yen and Swiss Franc traded flat. The Australian Dollar posted an outsized gain of .6% to 1.0734, and the Canadian Dollar rose .3% to .9992.
Tuesday's economic calendar will include retail sales, import prices, and business inventories. Overseas, the ZEW economic sentiment index for Germany and the Euro zone is due.
Earnings are due from Good Year Tire, Metlife, Weight Watchers, and Zynga.