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U.S. stocks turned higher on Friday in another choppy session as reports broke out that eurozone ministers reached a deal over Greece's debt obligations.
At the close the Dow Jones had added 0.9% to 18140 while the S&P 500 climbed 0.6% to 2110. The NASDAQ gained over half a per cent to 4956.
Investors are currently awaiting a news conference on the discussions but the talk now is that officals have reached an accord on a four-month extension.
News outlets cited a government official who said Eurogroup ministers and Greece have agreed on a draft accord that could extend Greece's bailout. On Thursday Germany rejected Greece's latest plan which included a six-month loan extension that did not accept previous austerity requirements.
U.S. economic news
U.S. manufacturing activity picked up in February with the Markit flash purchasing managers index climbing more than expected to 54.3 from 53.9 in January.
But details of the report were much weaker including expansion that has slowed down indicating the U.S. economy has entered a slower growth phase.
Wall Street round-up
In corporate activity Deere & Co (NYSE:DE) reported a 17% drop in sales on weak demand but the company's quarterly results still topped analyst estimates.
Nordstrom (NYSE:JWN) reported earnings that fell short of estimates last night while revenue met expectations. The retailer's full year outlook also came in below forecasts.
Intuit (NASDAQ:INTU) meanwhile reported a smaller-than-expected quarterly loss and revenues that topped estimates. It also raised its projected yearly online subscriber growth for its Quickbooks accounting software.
Yahoo (NASDAQ:YHOO) is planning to develop a new mobile developer suite according to CEO Marissa Mayer who spoke at Yahoo's mobile conference on Thursday.
Apple (NASDAQ:AAPL) is reportedly planning to begin production of an electric vehicle as early as 2020 according to a report in Bloomberg.
BP's (NYSE:BP) attempt to reduce the maximum civil fine it could face for its role in the 2010 Gulf of Mexico oil spill has been rejected by a federal judge leaving it potentially liable to pay $13.7 billion.
In other markets Asian stocks rose Friday with Japan’s benchmark index extending gains to a new 15-year high on prospects for better earnings. Many markets were closed for the Lunar New Year holiday.
Crude oil futures for March fell 82 cents or 1.6% to settle at $50.34 a barrel in New York . The contract which expired today lost 4.6% for the week. Gold futures for April delivery fell $2.70 or 0.2% to end at $1204.90 an ounce on the Comex down 1.8% for the week as the metal lost some of its save haven appeal after the Greece news.
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