Stocks Rebound on Greek Austerity Vote: Daily Markets Wrap

U.S. stocks bounced back Monday from Friday's losses, the biggest of the year, as Greece's parliament passed a deeply unpopular austerity bill to secure international rescue funds. The strict financial reform includes a 22 percent cut to the minimum wage and 15,000 public-sector job cuts.

The Greek government remained under pressure to convince Eurozone leaders it will abide by the terms of a 130 billion euro ($172.1 billion) bailout it needs to avoid default on March 20 when it has a major bond redemption. Eurozone finance ministers will meet Wednesday to sign off on Greece's austerity plan.

Here's a look at how the markets reacted:

Stocks. Equities rose in a broad-based rally that encompassed all sectors. The benchmark Dow Jones Industrial Average closed at 12,874.04, up 72.81, or 0.57 percent. The wider S&P 500 Index advanced 0.68 percent to 1,351.77. The Nasdaq Composite settled up 27.51, or 0.95 percent, to 2,931.39.

Bonds. Despite the gain in equities, many investors were not ready to leave safe-haven securities. The yield on the benchmark 10-year Treasury remained flat at 1.98 percent. Its price, which moves inversely to yield, edged slightly higher by 6.2 cents per $100 invested. The yield on the 30-year bond also remained flat at 3.13 percent.

Commodities. Commodities were mixed. Crude-oil futures ended 2.3 percent higher, their highest in more than a month, on supply concerns from Iran and a weakening U.S. dollar. Other commodities fell: Gold for April delivery declined 40 cents, or less than 0.1 percent, to settle at $1,724.90 an ounce on the Comex; natural gas closed lower and did copper.

Foreign Exchange. The euro pared much of its gain against the U.S. dollar, falling below $1.32 after rising to nearly $1.33. The ICE Dollar Index, which gauges the greenback against a basket of major currencies, dropped 0.15 percent. Several Asian currencies fell, including the Australian dollar, the Indian rupee and the Japanese yen.