US stocks register strong gains

Biotechnology stocks led the gains

US stocks ended higher at Wall Street on Monday, 22 June 2015. The Nasdaq Composite led the gains on Wall Street on Monday, ending the session at record levels. The main benchmarks posted moderate gains, as headline news on Greece and potential agreement between its lenders to avert a default spurred a global equity rally.

The Dow Jones Industrial Average gained 103.83 points, or 0.6%, to 18,119.78, with 26 of its 30 of its members finishing higher. Biotechnology stocks led the gains.

The Nasdaq Composite gained 36.97 points, or 0.7% to 5,153.97, the highest level ever. The S&P 500 closed 12.86 points, or 0.6%, higher at 2,122.85, only several points below its all-time high reached last month.

Equity indices spent the entire Monday session in the green with investor sentiment receiving a boost from reports indicating Greek officials submitted a new proposal to the Eurogroup. However, regional officials did not share the market's optimism with Germany's Finance Minister Wolfgang Schaeuble saying he does not see anything new in the proposal. The Eurogroup met briefly today, setting the stage for tonight's emergency Euro Summit that was called by European Council President Donald Tusk.

European stock indexes rallied Monday on reports Greece and the European Union are very close to agreement on a debt-restructuring deal, after Greece submitted a revised debt-repayment plan during the weekend.

Greece and EU officials are met Monday to try to finalize a debt-restructuring deal. While no agreement was reached, both parties were reported upbeat about prospects for an agreement to be reached this week. However, there are some reports that said some EU officials do not believe a deal with Greece is imminent. Meantime, the European Central Bank on Monday had to increase the emergency lending mechanism to Greece due to the increase in public withdrawals of cash from banks.

The U.S. dollar index was modestly higher to start the trading week.

Economic data was limited to Existing Home Sales, which increased 5.1% in May to 5.35 million SAAR from an upwardly revised 5.09 million (from 5.04 million) in April while the consensus expected an increase to 5.26 million. That was the most existing homes sold in one month since November 2009 when 5.44 million were sold. Much of the gain came from an increase in first-time home buyers who accounted for 32% of all sales in May, up from 30% observed in April, representing the largest contribution since September 2012

Today's participation was below recent averages as fewer than 700 million shares changed hands at the NYSE floor.

Crude Oil prices rose rose on Monday, 22 June 2015 as investors grew optimistic over Greek debt negotiations, though persistent oversupply worries remained a factor for oil markets. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July moved above $60 a barrel, up 60 cents or 1%.

Bullion metals ended in a mixed mode on Monday, 22 June 2015 at Comex. Gold futures fell on Monday, robbed of haven-related support as optimism builds over the potential for a deal to end Greece's debt standoff with its international creditors. Gold for August delivery on Comex dropped $9.30, or 0.8%, to $1,192.60 an ounce. July silver rose 1.1 cents, or 0.1%, to $16.12 an ounce.

Tomorrow, May Durable Orders (consensus -0.5%) will be reported at 8:30 ET while the FHFA Housing Price Index for April will be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of May New Home Sales (consensus 525K).

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