US stocks up on jobs report, better European outlook

US stocks Monday continued their upward trajectory following a strong US jobs report Friday and improving sentiment over Europe's prospects.

Five minutes into trade, the Dow Jones Industrial Average rose 70.65 (0.47 percent) to 15,206.49.

The broad-based S&P 500 added 7.62 (0.47 percent) to 1,639.51, while the tech-rich Nasdaq Composite Index increased 13.94 (0.40 percent) to 3,493.32.

Monday's gains came on the heels of Friday's surge in US equity markets after the Labor Department reported that the US added 195,000 jobs in June, well above the 166,000 forecast.

Wall Street was also cheered by Monday's gains in European markets such as France's CAC 40 (up. 1.9 percent), Germany's DAX (up 2.3 percent) and Britain's FTSE 100 (up 0.5 percent).

Greece's bailout lenders the European Union, the European Central Bank and the International Monetary Fund announced Monday that an audit showed that Greece's reform efforts were "broadly in line" with expectations.

European investors were also relieved that some high-level resignations in Portugal appear to have passed without bringing down the governing coalition.