March 25, 2013-Stocks Advance as Cypus Deal is a Sigh of Relief

Wall Street looks on track to extend its gains on Monday after beleaguered Cyprus clinched a deal with the Troika to prevent a disorderly default. For now, traders can heave a sigh of relief on the realization that the island nation has got a relief, although a painful one, for many stakeholders. With small depositors spared now, bigger depositors, creditors and bondholders are expected to take huge losses in their investment, as the nation's second largest bank is set to be wound down in a resolution process. Domestically, there are very little catalysts to impact trading. The Dow futures are moving up 55 points, while the S&P 500 futures are adding 8.20 points and the Nasdaq 100 futures are rising 16 points. U.S. stocks snapped the winning run and retreated in the week ended March 22nd, as fears surrounding a bailout for Cypriot banks kept sentiment subdued for much of the week.