US stocks rise slightly on hopes for Greece bailout

Investors also await the annual tweaks to the makeup of Russell stock indexes that may produce a rush of transactions worth over $40 bn in the final moments of trading on Friday

US stocks rose slightly on Friday as investors were encouraged by signals of a possible deal between Greece and its creditors that could help the country avert a debt default.

Euro zone partners offered to release billions in frozen aid in a last-minute push to win Greece's acceptance for a cash-for-reform deal.

Greece failed to clinch a deal with its international creditors on Thursday.

"For most part we are trading off any news that comes out of Greece. I am looking for an agreement that falls somewhere in between full compliance and default," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

 

Investors also await the annual tweaks to the makeup of Russell stock indexes that may produce a rush of transactions worth over $40 billion in the final moments of trading on Friday.

University of Michigan's final reading on the overall index on consumer sentiment for June was 96.1, higher than its preliminary reading of 94.6.

At 10:09 a.m. EDT the Dow Jones industrial average was up 105.34 points, or 0.59 percent, at 17,995.7, the S&P 500 was up 5.05 points, or 0.24 percent, at 2,107.36 and the Nasdaq Composite <.IXIC> was up 1.99 points, or 0.04 percent, at 5,114.18.

Seven of the 10 major S&P 500 sectors were higher, with the consumer discretionary index <.SPLRCD> leading the gainers with a 0.63 percent rise.

Finish Line shares rose 5.6 percent to $28.50 after the athletic shoes and apparel retailer reported better-than-expected quarterly profit and revenue.

Nike shares rose 4.7 percent to $110.15 after the world's largest footwear maker reported a better-than-expected profit as it sold more high-margin shoes and apparel at higher prices.

Micron Technology shares were down 17 percent at $19.86 after the chipmaker said it expects a further decline in prices of chips used in personal computers, and forecast revenue for the current quarter well below market estimates.

Advancing issues outnumbered decliners on the NYSE by 1,502 to 1,300, for a 1.16-to-1 ratio on the upside. On the Nasdaq, 1,332 issues rose and 1,131 fell for a 1.18-to-1 ratio favoring advancers.

The S&P 500 index showed 12 new 52-week highs and 19 new lows, while the Nasdaq recorded 83 new highs and 26 new lows.