Investors shook off their worries about Greece on Monday and got back to their routine of little-by-little gains.
The Dow Jones industrial average climbed almost 73 points — nothing flashy, but enough to regain most of what it lost with an 89-point drop on Friday. Before that, stocks enjoyed a slow, steady climb this year.
Financial stocks led the Dow higher. Its biggest gainers were Bank of America, up 2.2 percent, and JPMorgan Chase, up 1.8 percent. In the Kansas City area, Waddell & Reed Financial climbed 4.7 percent. Financial stocks have been the best performers in the market this year.
Apple crossed $500 per share for the first time, with a 1.9 percent rise to close at $502.60. The company jockeyed with ExxonMobil last year for the title of most valuable by market value but now enjoys a wide lead, $468 billion to $400 billion.
The market’s gains were broad-based, with nine of 10 stock categories in the Standard & Poor’s 500 rising, led by industrial stocks. Utilities declined by a whisker. European stocks rose.
For once investors had the Greek parliament to thank. On Sunday it approved sharp cuts in civil service jobs, welfare and the minimum wage, required by international leaders for a $170 billion bailout that Greece must have to avoid defaulting on its debt.
The Greek debt deal amounts to a default because creditors will get less than they are owed, said Peter Cardillo, chief market economist for Rockwell Global Capital.
Still, “orderly default is better than a chaotic default, which would lean on the whole eurozone and the global economy as well,” he said, referring to the 17 countries that use the euro currency.
Cardillo said market gains may be muted for a while because of the social unrest in Greece and because stocks have already risen this year. The Dow is up 5.4 percent, the S&P 7.5 percent.
The Dow closed up 72.81 points, or 0.6 percent, at 12,874.04. It’s 16 points shy of its highest close since the 2008 financial meltdown. The S&P rose 9.13 points, or 0.7 percent, to 1,351.77. The Nasdaq composite rose 27.51 points, or 1 percent, to 2,931.39. The BATS 1000 rose 99.24 points, or 0.65 percent, to close at 15,411.76.
The Greek debt deal appeared to take some pressure off U.S. banks. Moody’s Investors Services said the $25 billion settlement between mortgage lenders and states over foreclosure practices is a negative for all five major banks involved. Still, most major banks, which have varying levels of exposure in Europe, gained on Monday.
Among other stocks in the news:
• ATM maker Diebold Inc. rose 9 percent after it reported strong sales to banks, a sign they may be willing to spend more to upgrade their technology.
• Chesapeake Energy Corp. rose 2.4 percent after saying it will try to raise as much as $12 billion by selling assets to pay down debt.
• Regeneron Pharmaceuticals Inc. rose almost 12.3 percent after it said sales of its eye drug Eylea should reach $300 million, up from its previous forecast of $160 million.
• AmerisourceBergen Corp. fell 3.6 percent after the prescription drug distributor said its chief financial officer left to pursue other interests.
In the Kansas City area, stocks posted these gains and losses Monday:
Capitol Federal Financial fell 8 cents, or 0.64 percent, to close at $11.62.
Cerner Corp. rose 99 cents, or 1.43 percent, to close at $70.26.
Collective Brands Inc. fell 7 cents, or 0.38 percent, to close at $18.38.
Commerce Bancshares Inc. rose 46 cents, or 1.21 percent, to close at $38.62.
Compass Minerals fell 37 cents, or 0.52 percent, to close at $70.90.
DST Systems Inc. rose 40 cents, or 0.77 percent, to close at $52.04.
Ferrellgas Partners L.P. rose 21 cents, or 1.25 percent, to close at $17.01.
Garmin Ltd. rose 37 cents, or 0.84 percent, to close at $43.95.
Great Plains Energy fell 3 cents, or 0.14 percent, to close at $20.70.
H&R Block Inc. fell 37 cents, or 2.20 percent, to close at $16.43.
Inergy L.P. rose 1 cents, or 0.06 percent, to close at $18.07.
Kansas City Life Insurance Co. rose 89 cents, or 2.63 percent, to close at $34.78.
Kansas City Southern rose $1.19, or 1.74 percent, to close at $69.61.
Layne Christensen Co. rose 43 cents, or 1.68 percent, to close at $25.68.
O'Reilly Automotive Inc. fell 22 cents, or 0.26 percent, to close at $83.23.
Sprint Nextel Corp. rose 2 cents, or 0.87 percent, to close at $2.31.
UMB Financial Corp. rose 64 cents, or 1.60 percent, to close at $40.61.
Waddell & Reed Financial Corp. rose $1.40, or 4.68 percent, to close at $31.33.
YRC Worldwide Inc. was unchanged at $13.04.