Summary The Dow Jones Industrial Average gained 211.79 points (1.21 percent) at 17,760.41.
NEW YORK (AFP) - US stocks powered higher Friday as the latest bailout proposal from Greece lifted hopes for a breakthrough with creditors this weekend.
The Dow Jones Industrial Average gained 211.79 points (1.21 percent) at 17,760.41.
The broad-based S&P 500 jumped 25.31 (1.23 percent) to 2,076.62, while the tech-rich Nasdaq Composite Index surged 75.30 (1.53 percent) to 4,997.70.
Stocks were in positive territory all day after Athens s latest rescue plan conceded ground on major sticking points including tax and pensions. The proposal was welcomed by French and Italian officials, while German officials were more circumspect.
The surge in US markets is due to "optimism on the possibility of getting a deal with Greece," said Bill Lynch, director of investment at Hinsdale Associates.
Banking stocks were strong with Dow member JPMorgan Chase gaining 1.4 percent and Citigroup rising 1.6 percent.
Apple snapped a five-day losing streak, advancing 2.7 percent.
United Continental rose 4.2 percent after it estimated that passenger revenue per mile, a key benchmark, fell between 5.25-5.75 percent in the second quarter, consistent with analyst expectations. The figure "while disappointing versus earlier quarter hopes, did not deteriorate more than expected," said Barclays.
American Airlines rose 3.9 percent after trimming its forecast for adding seat capacity in 2015 to one percent, down from the two percent growth previously planned. The move is seen as likely to promote higher seat prices.
Biotech company Biogen lost 2.8 percent on news that Douglas Williams, executive vice president of research and development, will leave the company to lead an as-yet unnamed startup.
Online real estate listings company Zillow sank 7.8 percent after announcing chief financial officer Chad Cohen will resign next month. Zillow said it was conducting a search for a new CFO.
News Corp rose 0.6 percent ahead of next week s launch of "Go Set a Watchman," the highly anticipated novel by Harper Lee. The first chapter of the book, which was published by HarperCollins, was printed in Friday s Wall Street Journal. Both HarperCollins and The Wall Street Journal are owned by News Corp.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.40 percent from 2.30 percent Thursday, while the 30-year advanced to 3.19 percent from 3.10 percent. Bond prices and yields move inversely.
