US stocks rise on Cyprus deal

Written By Unknown on Senin, 25 Maret 2013 | 21.29

US stocks have opened higher after a last-minute deal to resolve the Cyprus banking crisis bolstered markets in Europe and Asia.

Five minutes into trade on Monday, the Dow Jones Industrial Average gained 15.37 points, or 0.11 per cent, to 14,527.40.

The broad-based S&P 500 increased 3.81 points, or 0.24 per cent, to 1,560.70.

The tech-rich Nasdaq Composite Index jumped 7.66 points, or 0.24 per cent, to 3,252.66.

Briefing.com analyst Patrick O'Hare described the market reaction as "somewhat subdued", perhaps in anticipation of political or social opposition that could surface in response to the Cyprus agreement.

"Then again, markets didn't necessarily overreact on the downside when the Cyprus situation presented itself last week," O'Hare said.

Markets were also fixating on an emerging bidding war over computer manufacturer Dell.

The company's founder and chief executive, Michael Dell, proposed taking the company private in a $US24.4 billion ($A23.5 billion) deal. But two other proposals surfaced over the weekend, one from long-time Wall Street activist Carl Icahn, and another from the private equity firm Blackstone Group.


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