(Pierre Ducharme/Reuters)
It's a good morning in global stock markets.
US stocks are rallying, and European stock markets closed firmly in the green.
Near 1:30 p.m. ET, the Dow was up 90 points, the S&P 500 was up 11 points, and the Nasdaq was up 26 points.
The rally pushed the Nasdaq to a new intra-day high.
On Friday, stocks closed lower after the Nasdaq set an all-time closing record the previous day.
US treasuries are lower, with the benchmark 10-year yield up about five basis points, or 0.05 percentage points, at 2.32%.
It's all about Greece today, and European markets are surging on reports that Greece's new economic proposals may be solid enough to avoid a default.
Greece earlier submitted a new, last-minute batch of proposals that Eurogroup head Jeroen Dijsselbloem said were "broad and comprehensive." However, they did not arrive in time for a thorough review.
The emergency meeting of heads of state is due to start in Brussels around 2:00 p.m. ET.
Greece urgently needs about $8.2 billion to meet its due payment to the IMF on June 30.
In commodities, gold fell more than 1%, or nearly $16 an ounce, to around $1,186.50. It's now back below the key $1,200 level.
Economic data today is light. Existing home sales rose 5.1% in May to an annualized pace of 5.35 million – the fastest pace since November 2009.
NOW WATCH: 12 awesome facts about WWE superstar Brock Lesnar
More From Business Insider