U.S. stocks open sharply higher on Greece debt deal

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NEW YORK — U.S. stocks opened sharply higher on Monday as market sentiment was boosted by the latest development in Greece.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 137.60 points, or 0.77 percent, to 17,898.01. The S&P 500 gained 14.59 points, or 0.70 percent, to 2,091.21. The Nasdaq Composite Index added 42.41 points, or 0.85 percent, to 5,040.10.

The eurozone summit finally reached a bailout agreement with Greece on Monday morning after 17 hours of tough discussions, 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 bailout deal for Greece to 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, Tusk said, adding that the European Council will formally implement the European Stability Mechanism (ESM) program in Greece.

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