Cyprus bailout lifts US stock markets

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Associated Press

Posted on March 25, 2013 at 11:01 AM

Updated Monday, Mar 25 at 11:02 AM

NEW YORK (AP) — U.S. stock markets are opening higher after Cyprus clinched a last-minute bailout that saved it from bankruptcy.

The deal between the Mediterranean island nation and its lenders was reached in the early hours Monday in Brussels. In return for a 10 billion euros ($13 billion) bailout from its European partners and the International Monetary Fund, Cyprus agreed to shrink its banking sector, cut its budget and privatize state assets. The deal means the European Central Bank continues providing liquidity to Cyprus' banking system.

The Dow Jones industrial average rose 19 points to 14,530 shortly after the opening bell.

The Standard & Poor's 500 index was up four points to 1,561. The Nasdaq composite rose eight points to 3,253.

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