Investing.com -- U.S. stocks rose sharply on Monday moving into positive territory for the year, as a preliminary accord between Greece and its international creditors eased widespread concerns of a spillover effect from a potential Greek departure from the euro if a deal cannot be reached.
Bolstered by a rise in technology and transport stocks, the Dow Jones Industrial Average and NASDAQ Composite index gained more than 1% to extend a three-day winning streak. The S&P 500 Composite index, meanwhile, also posted solid gains to approach an all-time closing high. The Dow gained 217.27 or 1.22% to 17,977.68, while the NASDAQ moved back above 5,000 by adding 73.81 or 1.48% to close at 5,071.51.
The S&P 500 rose 22.98 or 1.11% to 2,099.60, as stocks in all 10 sectors closed in the green. Stocks in the Technology, Basic Materials and Consumer Goods sectors led, each gaining more than 1% on the session.
Shares in Netflix Inc (NASDAQ:NFLX) surged nearly 4% to 707.61, after analysts from Goldman Sachs (NYSE:GS) raised its price target on the popular provider of on-demand internet streaming media. Netflix investors who owned shares at the close on July 2 will receive a dividend on Tuesday of six additional shares for each one they own after the company completes a 7-for-1 stock split. Netflix, however, is expected to report a dip in profits when it releases its second-quarter earnings on Wednesday.
Apple Inc (NASDAQ:AAPL) shares also gained nearly 2% to 125.66, after analysts upgraded their stock from a hold to a buy, amid expectations of a successful launch of its iPhone 6S in September.
Also on Monday, Marathon Petroleum Corporation (NYSE:MPC) said its pipeline division will acquire natural gas processing operator MarkWest Energy Partners LP (NYSE:MWE) in a $15.8 billion deal. The new company could have a market cap of up to $21 billion, making it the fourth-largest master limited partnership. Shares in MPLX LP, Marathon's pipeline arm, plunged 10.02 or 14.51% to 59.03, while shares in Mark West soared 8.26 or 13.82% to 68.01.
The top performer on the Dow was EI du Pont de Nemours and Company (NYSE:DD), which rose 1.26 or 2.16% to 59.51. The worst performer was Merck & Company Inc (NYSE:MRK), which fell 0.08 or 0.14% to 57.87. Merck ended the session as the only component on the Dow to close in the red.
The biggest gainer on the NASDAQ was Garmin Ltd (NASDAQ:GRMN), which gained 2.25 or 5.09% to 46.42 after the Swiss-based GPS receiver company introduced a wide range of smart cycling products. The worst performer was Check Point Software Technologies (NASDAQ:CHKP), which fell 0.93 or 1.15% to 79.97.
Marathon Petroleum also finished as the top performer on the S&P 500, adding 7.80% to 58.74, closing just ahead of Garmin. The worst performer was Chesapeake Energy Corporation (NYSE:CHK), which fell 0.51 or 4.48% to 10.86.
On the New York Stock Exchange, advancers outnumbered decliners by a 2,310 to 842 margin.