NEW YORK (TheStreet) -- The tides turned on Monday as the prospect of a Greek debt deal finally looked like a possibility. That helped to prop up markets to begin the new week on better footing after a dour end to Friday's session.
The S&P 500 was up 0.61%, and the Dow Jones Industrial Average gained 0.53%. The Nasdaq added 0.72%, notching a new record close of 5,153.
Increased M&A talk in the health care sector also supported a rally on Monday. Cigna (CI) rejected Anthem's (ANTM) 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.
The health care sector has been the focus of M&A talk for the past few weeks, including potential matchups between Aetna (AET) and either Humana (HUM) or UnitedHealth (UNH). The Health Care SPDR ETF (XLV) gained 0.78% on Monday.
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.
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.