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1st LD Writethru: U.S. stocks end higher on Greece optimism

Xinhua, June 23, 2015 Adjust font size:

U.S. stocks posted sizable gains on Monday, with the Nasdaq Composite Index setting its fifth closing record for the year, boosted by the improvement in Greek debt situation.

The Dow Jones Industrial Average increased 103.83 points, or 0. 58 percent, to 18,119.78. The S&P 500 gained 12.86 points, or 0.61 percent, to 2,122.85. The Nasdaq was up 36.97 points, or 0.72 percent, to 5,153.97.

Expectations of a positive outcome in negotiations between the Greek government and Greece's creditors during Monday evening's euro zone summit in Brussels were once again dashed, according to the latest information from both sides.

However, speaking on camera, European interlocutors shared optimism that a debt deal could be made later this week on time to avert a Greek financial meltdown and possible Grexit.

After a preparatory Eurogroup meeting on early afternoon, Eurogroup chief Jeroen Dijsselbloem said that the updated draft deal proposal tabled by the Greek side on Monday was in the right direction.

European Commission President Jean-Claude Juncker and other European leaders assured on Monday that all sides involved are working day and night to finalize an agreement on time.

A new Eurogroup meeting was expected to convene by Thursday according to Greek government sources.

European equities soared on Greece hopes on Monday, with the British benchmark FTSE 100 Index surging 1.72 percent,

Adding positive sentiment to the market, U.S. total existing- home sales came out better than expected. U.S. existing-home sales rose 5.1 percent from an upwardly revised 5.09 million in April to a seasonally adjusted annual rate of 5.35 million in May, their highest pace in nearly six years, according to the National Association of Realtors.

"Home sales often rise for a time when mortgage rates increase, especially when potential homebuyers are worried rates will continue to rise for some time. Chances are, the new cycle high in May reflects nervousness related to the end of near-zero interest rates," said Chris Low, chief economist at FTN Financial, in a note. Endite