U.S. stocks traded about 1 percent higher on Monday, bouncing from sharp declines last week, as encouraging developments in Greece and morning corporate deal news boosted sentiment. "I think we might be in a rebound rally today thanks to Greece nearing a deal, M&A and Fischer," said Peter Cardillo, chief market economist at Rockwell Global Capital. The Dow Jones industrial average jumped more than 150 points in the open as Boeing and Apple led all blue chips higher. The index closed lower on Friday, posting its first 7-day losing streak since the summer of 2011. Industrials gained nearly 1.5 percent to lead all sectors in the S&P 500 higher. Read MoreStocks put to the test in week ahead Precision Castparts surged 19 percent on news that Warren Buffett's Berkshire Hathaway will acquire the maker of aircraft equipment for $235 a share, making for an all-cash deal of about $37.2 billion. IBM edged higher after Buffett said on CNBC that "he loves it" when IBM's stock price goes down because the company can repurchase shares at better prices. Buffett's Berkshire Hathaway has an 8.12 percent stake in IBM,according to recent filings. "Warren Buffet's deal reminds there's value to things in the manufacturing sector," said James Meyer, chief investment officer at Tower Bridge Advisors. U.S. inflation is "very low" but only temporarily so, and the economy has nearly achieved full employment, Federal Reserve Vice Chairman Stanley Fischer said on Monday on Bloomberg TV. Atlanta Fed's Dennis Lockhart is due to speak at 12:25 p.m. ET. In the past few days, he sent ripples through the markets when he said that in his view he saw no reason to hold off on a September rate hike. Futures extended gains, with the Dow futures up 120 points, amid news that Greek banks could receive as much as 10 billion euros, even before the European Central Bank completes a stress test, a euro zone official familiar with the situation told Reuters. Oil remains in focus as prices on both brent and crude touched fresh multi-month lows after disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy. Read MoreOil collapse couldn't come at worse time for industry Brent traded near $49 a barrel, after touching a more-than-six-month low of $48.26 earlier in the session. U.S. crude struggled to hold above $44 a barrel after falling to $43.35 earlier, a nearly-five-month low. As earnings season winds down, reports from Credicorp, Kraft Heinz, Rackspace, and Shake Shack are all due after the bell. In other corporate news, Alibaba announced a 19.99 percent stake of 28.3 billion yuan ($4.56 billion) in Chinese electronics retailer Suning Commerce Group. Read MoreEarly movers: PCP, IBM, BABA, TWTR, AZN, FCX, DF & more The Dow Jones Industrial Average traded up 156 points, or 0.91 percent, at 17,532, with Boeing leading all blue chips higher. The S&P 500 traded up 17 points, or 0.85 percent, at 2,095, with industrials leading all 10 sectors higher. The Nasdaq traded up 43 points, or 0.86 percent, at 5,087. About four stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 48 million and a composite volume of 116 million in the open. Crude oil futures fell 21 cents to $43.66 a barrel on the New York Stock Exchange. Gold futures rose $1.10 to $1,095.20 an ounce in morning trade. The U.S. dollar traded higher, with the euro near $1.096. The 10-year Treasury yield gained to 2.21 percent, while the 2-year yield edged lower to 0.70 percent. On tap this week: Monday Earnings: Kraft Heinz, Live Nation Entertainment, Mindray Medical International, Rackspace, Shake Shack, Take Two Interactive, Hertz 12:25 p.m.: Atlanta Fed President Dennis Lockhart Tuesday Earnings: Cree, Computer Sciences, Symantec, Towers Watson, Red Robin Gourmet Burgers, Cyber Ark Software, JA Solar, Silver Wheaton

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