U.S. stocks ended higher on Monday reversing earlier losses amid positive changes in commodity prices and news that euro zone leaders studied new proposals to provide Greece with emergency financing. Now Greece is about to reach July 20 deadline to make a €3.5 billion ($3.9 billion) bond repayment to the European Central Bank. At the same time sources reported that Greece has until Friday morning to present detailed reform proposals to open green light for a bailout deal by a Sunday summit.

The Dow Jones industrial average climbed 93.33 points, or 0.5%, to 17,776.91. The Standard & Poor's 500 index rose 12.58 points, or 0.6%, to 2,081.34. The Nasdaq composite inched up 5.52 points, or 0.1%, to 4,997.46.

Despite these gains indices are still significantly below their record highs seen in May because of recent events in Greece. Investors favored the relative safety of government debt.

In Asia this morning Hong Kong Hang Seng fell 4.21%, or 1,051.97 points, to 23,923.34. China Shanghai Composite Index dropped 4.14%, or 154.16 points, to 3,572.96. Meanwhile the Nikkei lost 2.55%, or 518.75 points, to 19,857.84.

Stocks dropped across Asia amid the ongoing selloff in Chinese markets and Greece's debt crisis.