Gains were further fueled by reports that the White House and House Republicans may have reached an agreement regarding the country's deficit problems and the debt ceiling. Both the White House and House Speaker John Boehner 's offices denied the reports.
The Dow Jones industrial average (INDU) ended 153 points higher, or up 1.2%, at 12,724; the S&P 500 (SPX) added 18 points, or 1.4%, to 1,344 and the Nasdaq composite (COMP) rose 20 points, or 0.7%, to 2,834.
Market gains were broad, with 29 out of the 30 members of the Dow higher.
Stocks started rising early Thursday on news that European Union officials agreed to provide additional aid for Greece and overhaul the EU bailout fund.
Before the summit's official start, two crucial players -- German Chancellor Angela Merkel and French President Nicolas Sarkozy -- reached a consensus on a deal that would provide more aid to Greece.
"Both the European sovereign debt crisis and the U.S. debt ceiling problems appear to have become non-issues -- at least in the short term -- which will allow investors to focus more on earnings," said Quincy Krosby, market strategist with Prudential Financial.
The dollar weakened against the euro, the Japanese yen, and British pound.
Oil for September delivery rose 73 cents to $99.13 a barrel.
Gold futures for August delivery fell $9.90 to $1,587 an ounce.
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