U.S. stocks advanced after sources reported that Greece and its lenders reached a conditional deal to receive a possible $95 billion over three years, in exchange for strict reforms including pension overhauls and sales-tax increases. This agreement eased fears of an imminent Greece's exit from the euro zone.

The Dow Jones Industrial Average gained 217.27, or 1.2%, to 17977.68 (29 components out of 30 traded higher). The S&P 500 added 22.98, or 1.1%, to 2099.60. The Nasdaq Composite Index rose 73.82, or 1.5%, to 5071.51.

In Asia this morning Hong Kong Hang Seng slid 0.58%, or 145.09 points, to 25,078.92 in a volatile session. China Shanghai Composite Index declined by 0.32%, or 12.55 points, to 3,957.84. Meanwhile the Nikkei rose 1.64%, or 328.93 points, to 20,418.70 on Greece's deal with nonferrous metals, mining and steel products leading the gains.

Euro zone officials announced a deal between Greece and its creditors. In the first 15 minutes of trading, the Nikkei advanced by 298.65 points, or 1.49%. Chinese stocks were mixed. Analysts explained that markets had rebounded for three sessions and now investors need to take a breath.