US stocks surge on Greece deal

New York

US stocks powered higher Monday, joining a global equity rally after Greece reached a tentative new bailout deal that would avoid the country dropping out of the eurozone.

The Dow Jones Industrial Average surged 217.27 points (1.22 percent) to 17,977.68.

The broad-based S&P 500 jumped 22.98 (1.11 percent) to 2,099.60, while the tech-rich Nasdaq Composite Index gained 73.82 (1.48 percent) at 5,071.51.

After grueling 17-hour talks, Greek Prime Minister Alexis Tsipras accepted a series of tough reforms demanded by official creditors in exchange for new financing which will enable the country to avoid defaulting and avert a turbulent exit from the eurozone.

Brent Schutte, market strategist at BMO Private Bank, said Monday's march higher was a "relief rally."

It is "a step closer towards keeping Greece in the union," he said.

Banking stocks jumped on the eve of earnings reports from JPMorgan Chase and Wells Fargo, which rose 1.6 percent and 1.2 percent respectively. Citigroup gained 1.8 percent and Bank of America added 1.9 percent.

Tech stocks surged including Apple (+1.9 percent), Amazon (+2.7 percent), Facebook (+2.4 percent), Netflix (+4.0 percent) and Priceline (+2.5 percent).

Natural gas processing company MarkWest Energy Partners jumped 14.0 percent on news it will be acquired by a unit of Marathon Petroleum for $15.8 billion. Marathon rose 7.9 percent.