U.S. stocks extend gains on Greece debt deal

U.S. stocks traded sharply higher in the morning session on Monday as market sentiment was boosted by the latest development in the Greek debt crisis.

By midday, the Dow Jones Industrial Average added 191.41 points, or 1.08 percent, to 17,951.82. The S&P 500 jumped 19.17 points, or 0.92 percent, to 2,095.79. The Nasdaq Composite Index surged 65.80 points, or 1.32 percent, to 5,063.50.

The eurozone summit finally reached a bailout agreement with Greece on 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.

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

U.S. stocks soared on Friday, with all three major indices surging over 1 percent, as hopes of a Greek debt deal and rallies in global stock markets cheered up Wall Street. Endite