This eliminates one of the stumbling blocks

Bank of America Corp. and Citigroup Inc. (C) climbed more than 1.9 percent as a measure of European lenders gained. Alcoa Inc. (AA) and Chesapeake Energy Corp. (CHK) added at least 1.4 percent as the S&P GSCI Index of commodities rose 0.9 percent. Apple Inc. (AAPL) rose 1.8 percent christian louboutin and traded above $500. Nvidia Corp. advanced 1.2 percent after FBR Capital Markets raised its recommendation for the maker of graphics processors.

The S&P 500 increased 0.6 percent to 1,350.75 at 9:43 a.m. New York time. The Dow Jones Industrial Average advanced 59.56 points, or 0.5 percent, to 12,860.79 today.

“This has been a broad risk-on rally,” Mike Ryan, the New York-based chief investment strategist at UBS Wealth Management Americas, said in a telephone interview. “It’s not surprising to see the market rebound. The fact that the Greek Parliament was able to push through the austerity measures was widely expected. This eliminates one of the stumbling blocks, but it doesn’t solve the Greek issue. The issue now is the next step in this process. Our view is that Greece is going to struggle to make payments going forward.”

The S&P 500 has climbed 6.8 percent in 2012 through Feb. 10, including a 4.4 percent rally last month, on expectations the global economy will withstand the impact of the euro area’s debt crisis and as central banks lowered funding costs for lenders. The index fell last week, snapping the longest rally since January 2011, on concern that plans to help Greece avoid default were unraveling.
Financial Lifeline

Global stocks gained today as Germany and the European Commission welcomed Greek approval of the austerity steps demanded for a financial lifeline, suggesting euro finance Christian Louboutin Studded Zipper Ballet Flats chiefs will pull Greece back from the brink when they meet in two days. Euro-area finance ministers will convene in Brussels on Feb. 15 for the second extraordinary meeting on Greece in a week, after they declined to ratify the 130 billion-euro ($172 billion) package in a special session on Feb. 9.

Financial companies advanced as a measure of banks in the Stoxx Europe 600 Index added 1.1 percent. Bank of America rose 2.6 percent to $8.28. Citigroup climbed 1.9 percent to $33.55.

Energy and raw material producers gained on expectations about stronger demand for commodities. Alcoa, the largest U.S. aluminum producer, increased 1.4 percent to $10.43. Chesapeake Energy rallied 5 percent to $23.23.
Apple Rallies

Apple added 1.8 percent to $502.34, after rallying for four straight weeks. On Jan. 24, the largest technology company reported quarterly profit that more than doubled as holiday purchases of the iPhone catapulted sales to a record and helped the company steer clear of the consumer-spending slump that has hurt rival companies.

Nvidia (NVDA) climbed 1.2 percent to $16.08. The company was raised to “outperform” from “market perform” at FBR Capital Markets. The 12-month share-price estimate is $20.

U.S. stocks may extend gains this year and mirror the performance of 1995, when the S&P 500 rallied 34 percent even after Mexico devalued its currency and Treasury yields dropped, Laszlo Birinyi said. Improved investor sentiment, central-bank actions and optimism that U.S. economic data will beat estimates, will sustain gains even after the best January for the S&P 500 since 1997, the president of Birinyi Associates Inc. in Westport, Connecticut, said in a Bloomberg Television interview today.

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“We still think you should buy stocks,” the fund manager said in London. “It’s a continuation of the bull market and we’re encouraged by what we are seeing in Europe. I look at the markets, I find they are strong. There’s real buying going on. This is not short-covering or a temporary or transitory thing.”