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1st LD Writethru: U.S. stocks leap on Greek debt deal

Xinhua, July 14, 2015 Adjust font size:

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. Endite