YAHOO [BRIEFING.COM]: For the second straight session broad-based buying on light share volume took stocks sharply higher. Greece's vote on new austerity measures remains on the horizon, however.

Word that Germany backs France's proposal to involve the private sector in Greece's efforts to restore its finances turned the tepid tone of premarket trade into something decidedly more optimistic. Participants' positive response was attributable to the appearance of a unified front in attacking the problems plaguing fiscally woeful Greece. In turn, traders were more dismissive of the uncertainty regarding Greece's vote on a set of austerity measures established by country officials, the EU, and the IMF.

Once trade opened, stocks set out on a steady ascent that took the three major equity averages to gains in excess of 1%. A 2.7% aggregate gain made energy stocks the biggest drivers of the advance. However, Nike (NKE 89.90, +8.28) surged 10% to book one of the best percentage gains for an individual issue following its upside earnings surprise.

Financials failed to find any meaningful support. The sector settled with a gain of just 0.4%. What's more, that modest move came after the sector had spent some time in negative territory.

Commodities were a bit more volatile today as participants eyed tomorrow's austerity vote in Greece... August crude oil rallied for 2.5%, its largest single day move in over a month, to close at $92.89 per barrel. Crude pushed higher heading into the close to put in highs at $92.96. Weakness in the dollar helped crude oil stem its three session sell-off. August natural gas rallied for 2.1% to end at $4.35 per MMBtu.

August gold ended higher by 0.3% to $1500.60 per ounce, while July silver closed up 0.2% to $33.66 per ounce. Gold futures traded to their best levels, at $1507.00, in midmorning trade, but spent the remainder of the session pulling back from those highs to end with only modest gains. Silver saw a similar move as gold, in morning trade, but was unable to take out its overnight highs at $34.13. It too spent the remainder of the session retracing that spike to finish just above unchanged.

Participation was paltry once again. In turn, share volume dwindled, which made it easier for stocks to score outsized gains. Thin trading volume is expected to be an ongoing theme this week, given that many traders are taking vacation ahead of the holiday weekend.