Investing.com -- U.S. stocks moved broadly higher on Monday as all three major indices rallied amid positive developments in longstanding Greek Debt talks.
The two sides in tense, five-month long negotiations now appear optimistic that a temporary deal could reached later this week, unlocking critical aid to the cash-strapped Mediterranean nation. On Sunday night, Greece made concessions in a new proposal on early retirement and Value-Added Taxes to help bridge a wide gap with its international creditors.
Following one of its productive weeks in the last two months, the Dow Jones Industrial Average and the S&P 500 Composite index gained more than 0.5% on Monday. The NASDAQ Composite index, meanwhile, closed at an all-time record high, bolstered by gains in health care and consumer discretionary stocks. The Dow rose 103.83 or 0.58% to 18,119.78 on Monday, while the NASDAQ rose 36.97 or 0.72% to 5,153.97, eclipsing a previous record set last week.
The S&P 500 jumped 12.86 or 0.61% to 2,122.85, as nine of 10 sectors closed in the green. Of the 10 industries on the S&P, only Utilities closed lower on Monday, as yields on U.S. 10-Year Treasuries soared more than 10 basis points.
The top performer on the Dow on Monday was Goldman Sachs Group Inc (NYSE:GS), which gained 3.15 or 1.48% to 216.34. The worst performer was Cisco Systems Inc (NASDAQ:CSCO), which fell 0.09 or 0.31% to 28.94.
The biggest gainer on the NASDAQ was American Airlines Group (NASDAQ:AAL), which gained 1.42 or 3.42% to 42.98. Earlier on Monday, Barron's reported that airlines stocks could soar anywhere from 15 to 50% in a period of a year, amid lower fuel costs and less competition. The worst performer was Wynn Resorts Limited (NASDAQ:WYNN), which dipped 2.27 or 2.20% to 100.84. For the year, shares in Wynn Resorts are down more than 45%.
On the S&P 500, shares in Williams Companies Inc (NYSE:WMB) surged more than 23% after the pipeline giant rejected a takeover bid from rival Energy Transfer Equity LP (NYSE:ETE), estimated at $48 billion. Williams Companies Inc (NYSE:WMB) jumped 12.69 or 26.25% to 61.03. The worst performer was Humana Inc (NYSE:HUM), which plunged 12.70 or 6.28% to 189.61, amid reports of a flurry of merger activity among the major health care insurers throughout the U.S. While Cigna Corporation (NYSE:CI) reportedly rejected a $47 billion acquisition attempt from Anthem on Monday, rumors also surfaced that the Connecticut-based insurer is vying with Aetna Inc (NYSE:AET) to purchase Louisville-based Humana.
Shares in Martha Stewart Living Omnimedia Inc (NYSE:MSO) plummeted 0.86 or 12.32% to 6.12, after Sequential Brands purchased the easy recipe and home décor company for $353 million. Under the deal, Stewart will remain as the company's Chief Creative Officer.
Elsewhere, shares in Ambarella Inc (NASDAQ:AMBA) crashed more than 20% to 94.73, after a short-seller set a 12-month price target for the video processing chip maker at $60.
On the New York Stock Exchange, advancers outnumbered decliners by a 1,883 to 1,277 margin.