US stocks rise on hopes of Greek fix

NEW YORK: US stocks rose Friday amid hopes that Europe was on its way to containing the Greek debt crisis and after the release of positive data on the US economy.

The Dow Jones Industrial Average climbed 42.84 points (0.36 percent) to 12,004.36 in closing trade.

The broader S&P 500 index rose 3.86 points (0.30 percent) to 1,271.50, while the tech-heavy Nasdaq Composite fell 7.22 points (0.28 percent) to 2,616.48.

Markets rallied in early trading after German Chancellor Angela Merkel and French President Nicolas Sarkozy urged swift action on a new Greek rescue package, but share prices came down later in the day.

"There is a little trepidation going into the weekend given the issues coming out of Greece and concerns that there may not be a near-term resolution," said Owen Fitzpatrick, head of US equities for Deutsche Bank.

Copyright AFP (Agence France-Presse), 2011