US stocks close higher on Greek austerity deal

NEW YORK (AFP) - US stocks closed higher on Monday after the Greek parliament's approval of tough austerity measures paved the way for a new financial rescue of the country.

At the closing bell the Dow Jones Industrial Average was up 72.81 points (0.57 per cent) at 12,874.04.

The broad-based S&P 500 added 9.13 points (0.68 per cent) to 1,351.77, while the Nasdaq Composite gained 27.51 (0.95 per cent) to 2,931.39.

After last week's stall in Athens talks sent stocks tumbling, the Greek parliament's agreeing to radical budget cuts late on Sunday appeared to open the way for the 130 billion euro (S$215 billion) European Union bailout package to go through later this week, avoiding a default.