The Dow Jones industrial average (INDU) rose 33 points, or 0.3%, to close at 12,878. The S&P 500 (SPX) gained 3 points, or 0.2%, to 1,347. The Nasdaq (COMP) edged up 2 points, or 0.1%, to 2,904.
"The big news today is Greece," said Dimitre Genov, senior portfolio manager at Artio Global Investors. "People are worried that there will be no resolution, but there seems to be news that things are going in the right direction," he said.
In a sign of optimism, the euro rose versus the U.S. dollar to the highest level since early December.
Prime Minister Lucas Papademos has reportedly finalized a draft of reforms including job and salary cuts, pension reforms and other policies to reduce public spending.
But a meeting of top leaders from Greece's main political parties has been pushed back to Wednesday, after talks were postponed earlier this week, the prime minister's office said.
"All eyes are on the Greek debt talks right now," said Tim Moore, a portfolio manager at Cabot Money Management in Salem, Mass. "Europe is doing everything it can to keep Greece and the banks afloat, but it's a long-term process."
Moore said investors have been encouraged by recent moves by the European Central Bank to stabilize the banking sector. And an improved outlook for the U.S. economy has helped boost the market so far this year, he added.
So far this year, the Nasdaq is up 11%, the S&P 500 is up about 7%, and the Dow has gained 5%.
"Stocks are finally reacting to actual fundamentals," said Moore.
The dollar fell against the euro and the British pound, but rose versus the Japanese yen.
Oil for March delivery rose $1.50 to end at $98.41 a barrel.
Gold futures for April delivery rose $23.50 to settle at $1,748.40 an ounce.
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