Wall Street extends rally to 4th day before Greek vote

US stocks posted gains for the fourth day on growing hopes that Greece will avoid a debt default, adding momentum to the market's recent rebound.

The Dow Jones industrial average rose 109.63 points, or 0.91 percent, to 12,190.01 at the close. The Standard & Poor's 500 Index gained 17.16 points, or 1.34 percent, to 1,295.52. The Nasdaq Composite Index climbed 57.60 points, or 2.19 percent, to 2,687.26.

European shares rose at their fastest pace in two months, bouncing from three-month closing lows, on optimism that Greece will get the financial support to avoid defaulting next month.

Some strategists however say it is only buying time.

The FTSEurofirst 300 index of top European shares rose 1.4 percent to a provisional close of 1,096.51 points, the biggest gain since mid-April.

Tokyo stocks rose 1 percent for their biggest daily gain in three weeks, led by auto stocks climbing on bullish comments from a brokerage but volume was thin and most players were on the sidelines ahead of a Federal Reserve policy meeting.

The benchmark Nikkei average closed up 1.1 percent at 9,459.66, while the broader Topix gained 1.1 percent to 815.73.