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) led the Dow, gaining 1.6%. Other major banks including Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) were all higher, while the Financial Select Sector SPDR ETF (XLF) 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.