NEW YORK (TheStreet) -- Stocks posted robust gains by mid-afternoon Monday as debt discussions between the eurozone and Greece boosted investor sentiment.
The S&P 500 was up 0.65%, and the Dow Jones Industrial Average gained 0.63%. The Nasdaq added 0.67% to 5,151, down from an earlier all-time intraday high of 5,162.
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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.
Some analysts remain unconvinced the deal is as satisfactory as hoped for, however.
"We remain apprehensive that even if some type of deal is cobbled together in this the 11th hour, it will be more akin to a can-kicking maneuver that only offers a temporary reprieve for a few months or at best quarters before Greece finds itself once again unable to fulfill the agreed upon terms," CRT Capital analysts said in a note. "But we're certainly not lacking in cynicism about the process at this point."
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.