US STOCKS-Futures surge after Greece reaches rescue deal
* Futures up: Dow 118 pts, S&P 14 pts, Nasdaq 36 pts
By Tanya Agrawal
July 13 (Reuters) - U.S. stock index futures rose on Monday after euro zone leaders reached an agreement with Greece to move forward with a third bailout loan for the country to avert bankruptcy.
* Greece won conditional agreement to receive a possible $95 billion over three years, along with an assurance that euro zone finance ministers would start discussing ways to bridge a funding gap until a bailout - subject to parliamentary approvals - is finally ready.
* That will only happen if Greek Prime Minister Alexis Tsipras can meet a tight timetable for enacting unpopular reforms of value added tax, pensions and quasi-automatic budget cuts.
* Hopes of a deal helped U.S. markets close higher on Friday. But indexes finished off their highs after Federal Reserve Chair Janet Yellen said she expected the central bank to raise interest rates at some point this year, while expressing concern that the country's labor market remained weak.
* Investors have long expected a rate hike in 2015, though opinions have been split on whether it would come in September or December. Yellen gave no direct hint about whether the Fed would raise rates more than once over the course of its four remaining meetings in 2015.
* The Treasury Department is scheduled to issue a monthly budget report for June at 2 p.m. ET (1800 GMT). The department is expected to post a budget surplus of $51.0 billion compared with a $82.4 billion deficit reported in May.
* Asian stock markets were higher as Chinese stocks rose for a third straight session, following their recent rout, and as data from China showed exports increased while imports slipped in June, in a tentative sign global demand might be on the mend. World markets also rose after the Greece deal was announced. Continuación...