June 10, 2012 / 10:23 PM / 7 years ago

Futures open up 1 percent after Spain deal

NEW YORK (Reuters) - Stock index futures opened more than 1 percent higher on Sunday, following the news that euro zone finance ministers had agreed to lend Spain up to 100 billion euros ($125 billion) to help its battered banks.

The size of the aid package was larger than expected, removing a huge cloud that has been hanging over financial markets, with investors fearing that a banking crisis in euro zone’s fourth-largest economy could have compounded the currency bloc’s troubles with Greece.

S&P 500 futures rose 17.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 147 points and Nasdaq 100 futures rose 35.75 points.

With the rise, futures pointed for Wall Street to extend the previous week’s advance, which was the S&P’s best of 2012.

Reporting by Ryan Vlastelica; Editing by Stacey Joyce

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