NEW YORK (TheStreet) -- Stocks soared on Monday with the Nasdaq notching a new intraday record as Greek debt talks showed signs of progress.
The S&P 500 was up 0.71%, and the Dow Jones Industrial Average gained 0.7%. The Nasdaq added 0.72%, reaching an all-time high of 5,153.
The financial sector was the best performer on markets. JPMorgan (JPM) - Get JPMorgan Chase & Co. Report led the Dow, gaining 1.6%. Other major banks including Wells Fargo (WFC) - Get Wells Fargo & Company Report, Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. Report and Morgan Stanley (MS) - Get Morgan Stanley Report were all higher, while the Financial Select Sector SPDR ETF (XLF) - Get Financial Select Sector SPDR Fund Report gained 1.8%.
Greek Prime Minister Alexis Tsipras submitted new proposed reforms over the weekend, which were a condition of further debt relief. Among the reforms reported, though not confirmed, Greece will eliminate early retirement benefits, cut defense spending and increase corporate tax rates.
"Our assessment of the reported changes above is that they represent meaningful concessions from the Greek side, if they are to be confirmed, bringing them closer to the creditor proposals," said George Saravelos, Deutsche Bank strategist. "Developments over the next few days are likely to remain rapid."
Eurgroup head Jeroen Dijsselbloem said the submitted reforms were "welcome" and said the Eurogroup will have another meeting later this week.
"It's an opportunity to get a deal this week and that's what we'll work for," he told reporters after a meeting of eurozone finance ministers in Brussels.
Eurozone finance ministers had convened for an emergency summit in which to discuss Greece's future in the eurozone at a political level. Talks have escalated as Greece faces a crucial repayment to the International Monetary Fund by the end of the month.
U.S. existing home sales rose 5.1% to 5.35 million in May, the fastest pace since 2009. Economists had expected the May rate to increase to 5.25 million, up from a revised pace in April of 5.09 million.
Sequential Brands (SQBG) - Get Sequential Brands Group, Inc. Report announced that it has agreed to acquire Martha Stewart Living Omnimedia (MSO) for $6.15 a share in a cash-and-stock deal. Martha Stewart shares gave back 13% on Monday after rallying last Thursday once news broke of deal talks.
Cigna (CI) - Get Cigna Corporation Report rejected Anthem's (ANTM) - Get Anthem, Inc. Report increased offer of $184 a share after its board unanimously opposed the terms. The new offer from Anthem had represented a 35.4% premium over Cigna's late May price before reports of a deal surfaced.
Oil and gas company Williams (WMB) - Get Williams Companies, Inc. Report rocketed nearly 30% higher in premarket trading after Energy Transfer Equity (ETE) confirmed it had made an unsolicited bid worth $48 billion. Williams rejected the offer.
Facebook (FB) - Get Meta Platforms Inc. Class A Report climbed nearly 2% on reports is encroaching on Google's (GOOGL) - Get Alphabet Inc. Class A Report YouTube in terms of market share for online video advertising. Research firm Apere estimated Facebook has an audience size of 1.4 billion monthly active users compared to YouTube's 1.3 billion.
Apple (AAPL) - Get Apple Inc. Report backed down to Taylor Swift after the pop star wrote an open letter calling out Apple Music for not paying artists during the streaming service's free trial period. Apple has since reversed its policy and will pay artists during three-month trials.