U.S. stocks advanced on Friday as investors hoped for a deal between Greece and its creditors. Gains in Chinese stocks also supported U.S. equities.

The S&P 500 ended last week almost flat; however on Friday it gained 25.31 points, or 1.2%, to 2,076.62 (the biggest one-day gain in two months. All 10 main sectors traded higher. The Dow Jones Industrial Average rose 211.79 points, or 1.2%, to 17,760.41. All 30 Dow components traded higher. The Nasdaq Composite added 75.30 points, or 1.5% to 4,997.70.

In Asia this morning Hong Kong Hang Seng climbed 0.05%, or 12.00 points, to 24,913.28. China Shanghai Composite Index gained 2.43%, or 94.27 points, to 3,972.07. Meanwhile the Nikkei rose by 1.56%, or 308.92 points, to 20,088.75 with exporter stocks leading the gains.

Signs of positive developments in Greece's situation supported stock markets across Asia. Last week Greece presented a new reform package, which was similar to lenders' demands. These proposals include privatization, pension and tax reforms. Now the country has time until Wednesday to show how it would implement these measures. Investors remain cautious.

Panasonic, Sony and Sharp (Nikkei components) gained 3-4 percent each, while Nintendo rose 1.5% despite announcing that its president Satoru Iwata passed away.