Stocks closed sharply higher Thursday after EU leaders agreed on a final bailout package for Greece, in addition to an encouraging report on the Fed's mid-Atlantic manufacturing survey and some robust earnings reports.
The Dow Jones Industrial Average jumped 152.50 points, or 1.21 percent, to end at 12,724.41, led by BofA and Disney . Meanwhile, Intel was the only decliner. The blue-chip index is approximately 100 points away from the year's intraday high.
The S&P 500 climbed 17.96 points, or 1.35 percent, to finish at 1,343.80.
The tech-heavy Nasdaq rose 20.20 points, or 0.72 percent, to close at 2,834.43. All three major indices are now firmly in positive territory for the month.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, tumbled below 18.
All 10 key S&P sectors ended higher, led by financials and energy.
EU leaders agreed on a 109 billion euro rescue package for Greecethat could push the debt-ridden nation into a temporary default on some of its debt, but would also give Europe's bailout fund sweeping new powers to shore up struggling economies.
The euro rose to a two-week high against the U.S. dollar.
European banks including Barclays , Deutsche Bank and Banco Santander rallied sharply.
However, some strategists remained skeptical that the plan will put an end to the debt crisis.
“I'm negative on Europe—You have countries that have the biggest problems being subject to shrink monetary policy at a time they need more growth, so it’s a recipe for disaster,” according to Richard Campagna, managing director of 300 North Capital.
“What’s more likely is that you get another periodic blowups, or mini crises, every few months,” he added. “And this time, it’s going to center on Italy and Spain.”