NEW YORK (TheStreet) -- Stocks held onto solid gains booked earlier in Monday's session after Greece and its European creditors sealed a debt deal following months of back-and-forth deliberations.

The S&P 500 rose 0.93%, the Dow Jones Industrial Average gained 1.1%, and the Nasdaq was up 1.3%.

European markets rallied Monday after European leaders agreed to a bailout of 86 billion euros ($95 billion) to ensure Greece remains in the euro. Greece must impose strict spending cuts in exchange for the additional funds. The deal helps prevent Greece from exiting the eurozone, an unprecedented and potentially catastrophic outcome for the region.

"It's much better than anyone really expected," Kathleen Brooks, head of research at City Index, told TheStreet. "We were getting into a really desperate situation. By next Monday ... Greece had to repay the ECB 3.5 billion euros. It didn't have the money to do that so it has avoided another default. This has been certainly the best outcome and avoids that near-term default which would definitely have meant the collapse of the Greek banking sector."

The Greek chapter hasn't been closed yet, though, with the country's parliament still to vote on the deal's terms on Wednesday.

"There are still a variety of details to be agreed upon after the fact," wrote CRT Capital's David Ader and Ian Lyngen in a note. "Greek banks are still closed and the July 20 ECB payment of 4.2 billion euros looms ... We're apprehensive that although ostensibly a compromise has been reached, the market remains vulnerable to headlines related to the ultimate completion of the deal."

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Groupon (GRPN) - Get Groupon, Inc. Report spiked 5.6% after analysts at Macquarie upgraded shares to 'outperform' from 'neutral'. The firm said the revision was justified given a recent pullback in the company's share price.

Comcast (CMCSA) - Get Comcast Corporation Class A Report is jumping into the TV-streaming game after announcing its own service called Stream. The service, which will cost $15 a month, will allow customers to watch 12 channels including HBO on their mobile devices. It will initially launch in Boston by summer's end.

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