NEW YORK ( TheStreet) -- Stock futures were rising Monday with investors relieved that Cyprus was able to negotiate a last-minute bailout deal with international creditors over the weekend.
The "troika" consisting of the International Monetary Fund, European Commission and European Central Bank, and the Cypriot government agreed overnight on the terms of a deal, with eurozone finance ministers' approval, that would allow Cyprus to unlock €10 billion to recapitalize its ailing banks.
The deal, which requires massive cuts to Cyprus' bloated banking sector that has ballooned from billions of dollars funneled in from Russia over the years, spares bank deposits under €100,000 from financial losses but forces various losses upon deposits above €100,000.
Futures for the S&P 500 were rising 4.75 points, or 6.71 points above fair value, at 1,556.75. The index is up more than 9% this year but dropped 0.24% in the last five-day trading period, it's firstly weekly drop in four weeks, driven by uncertainties over Cyprus' ability to secure financial aid and greater-than-expected contraction in eurozone manufacturing.Futures for the Dow Jones Industrial Average were popping 24 points, or 48.97 points above fair value, at 14,483. Futures for the Nasdaq were up 12.75 points, or 13.24 points above fair value, at 2,806.25. Cyprus' second-largest bank, Popular Bank of Cyprus, commonly known as Laiki Bank, will be shutting down with senior bondholders taking losses and deposits under €100,000 transferred to the Bank of Cyprus, the country's largest lender. At both banks, deposits greater than €100,000, which are not insured under European Union law, will be frozen and put to work on resolving Laiki's debts and recapitalizing the Bank of Cyprus, which itself must undergo significant and painful restructuring under the deal. The deal also calls for tax increases and privatization of state assets. Cyprus is expected to receive the first tranche of the €10 billion in early May. Banks in Cyprus are expected re-open Tuesday after staying closed for the past week out of fear of bank runs. Monday is a public holiday in Cyprus. Major U.S. economic data weren't expected Monday though a flood of data is scheduled for the holiday-shortened week. Widely watched economic releases include February's durable goods orders and the Conference Board's Consumer Confidence Index for March on Tuesday, and the third estimate on U.S. fourth-quarter GDP on Thursday. The FTSE 100 in London was rising 0.79% and the DAX in Germany was gaining 1.43%. The Hong Kong Hang Seng index finished up 0.61% and the Nikkei 225 in Japan increased 1.69% on Monday. The benchmark 10-year Treasury was falling 9/32, lifting the yield to 1.961%. The dollar fell 0.11%, according to the