U.S. stocks leap on Greek debt deal

U.S. stocks continued to rally Monday, with the three major indices logging a three-day winning streak, as market sentiment was boosted by the latest development in the Greek debt crisis.

The Dow Jones Industrial Average jumped 217.27 points, or 1.22 percent, to 17,977.68. The S&P 500 advanced 22.98 points, or 1.11 percent, to 2,099.60. The Nasdaq Composite Index surged 73.82 points, or 1.48 percent, to 5,071.51.

The eurozone summit finally reached a bailout agreement with Greece Monday morning after 17 hours of tough negotiations, eurozone leaders announced.

"Today we had only one objective, to reach an agreement. And after 17 hours, we have it, we will continue to support Greece," European Council President Donald Tusk told a press conference shortly after the eurozone leaders passed the new bailout deal to help avert the debt-ridden country's bankruptcy and exit from the eurozone.

The agreement still needs the approval of several national parliaments, including the Greek parliament, said Tusk, adding that the European Council will formally implement the European Stability Mechanism (ESM) program in Greece.

Greek Prime Minister Alexis Tsipras also hailed the outcome, claiming that creditors' further aid over the next three years will pave the way for the country's restored growth.

Greece's government announced Monday evening that the bank holiday introduced on June 29 will be extended once again to July 16, after the European Central Bank's (ECB) Governing Council decided during a teleconference held earlier Monday to leave the financing cap for Greek banks through the Emergency Liquidity Assistance (ELA) unchanged.

European equities extended gains on Greek news Monday, with German benchmark DAX index at Frankfurt Stock Exchange rising 1.49 percent.

In Asia, Chinese shares surged for a third consecutive trading day Monday, following dramatic moves by the government to stabilize the market, with the benchmark Shanghai Composite Index jumping 2.39 percent.

No major U.S. economic data was due out Monday, while this week 's highlight would be the June retail sales scheduled for release Tuesday.

U.S. stocks soared Friday as hopes of a Greek debt deal and rallies in global stock markets cheered up Wall Street.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, shed 17.41 percent to end at 13.90 Monday.

In other markets, oil price fell Monday as the crude supply of the Organization of the Petroleum Exporting Countries rose to a three-year high.

The West Texas Intermediate for August delivery moved down 54 cents to settle at 52.2 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 88 cents to close at 57.85 dollars a barrel on the London ICE Future Exchange.

The U.S. dollar climbed against other major currencies Monday as market expectation for an interest rate hike as early as September rallied.

In late New York trading, the euro fell to 1.1003 dollars from 1.1136 dollars in the previous session, while the U.S. dollar bought 123.43 Japanese yen, higher than 122.84 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange declined Monday, with the most active gold contract for August delivery down 2.5 dollars, or 0.22 percent, to settle at 1, 155.40 dollars per ounce. Enditem