U.S. stocks rose after Cyprus secured a bailout to prevent the collapse of its banking system. The deal boosted the Standard & Poor's 500 index to within a half-point of its record high.
The S&P 500 rose 0.5 percent shortly after the market opened. It climbed in early trading to within a half-point of its all-time high, set in October 2007. The Dow Jones industrial average rose 0.3 percent, the Nasdaq composite 0.5 percent.
International lenders agreed early Monday to release 10 billion euros of emergency rescue funds for Cyprus. The European Central Bank will continue to support the nation's foundering banks. In exchange, Cyprus will shrink its banking industry, cut its budget, implement economic reforms and privatize some state assets. The measures will result in heavy losses for its banks' bondholders and people with large deposits in banking accounts.
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