Greece has a deal, and stocks are rallying.

Around 1:40 p.m. ET, stocks were near their highs of the day, and the Dow was up 180 points, the S&P 500 was up 18 points, and the Nasdaq was up 65 points.

Stocks also posted decent gains on Friday, with the Dow closing up 211 points (or 1.21%) after the latest Greek proposal looked as if it may lead to a deal over the weekend.

Now we have an agreement. Business Insider's Mike Bird has all the details here, but the gist is that Greece will accede to almost all of its euro creditors' austerity demands in exchange for 86 billion ($96 billion) in bailout funding. There has been no write-down of Greece's debt.

The deal still needs to be approved by Greece's parliament by Wednesday.

European stock markets also rallied on this news; the Euro Stoxx 50 finished nearly 2% higher, and Germany's DAX closed up 1.5%.

The monthly budget statement is due at 2 p.m. ET. This week, we'll get data on retail sales, producer prices, and housing starts. Fed chair Janet Yellen will deliver her semiannual testimony to Congress on Wednesday and Thursday.

The big Wall Street banks and Google report earnings this week.

Wall Street initiated coverage on Fitbit today, and the analyst notes are bullish. The stock rallied 5% in trading.

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