(Bloomberg) -- U.S. stocks climbed and European equities had the biggest four-day rally in three years on Greece’s bailout agreement, while the region’s bond markets signaled caution. Oil dropped as Irandeal loomed.

The Standard & Poor’s 500 Index rose 1% at 10:18 a.m. in New York. The Stoxx Europe 600 Index jumped 1.8%, bringing its four-day surge past 6%, amid optimism the breakthrough will remove an obstacle to Europe’s recovery. Bonds fell in Spain and Italy, while Treasuries retreated a third day. The euro slid on speculation the deal may clear the way for higher U.S. interest rates.

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