A deal between Greece and its European creditors is in sight and stocks are rallying.
On Friday afternoon, US stocks were surging to their highest levels of the day, with the Dow up 99 points, the S&P 500 up 6 points, and the Nasdaq up 15 points.
At current levels, the S&P 500 is at a record high as the Dow has moved back above 18,000 and the Nasdaq is now about 70 points away from 5,000.
On Friday, the markets are focused primarily on Greece.
According to a report from Bloomberg News citing a Greek official, European finance ministers have reached a deal to keep funds flowing to Greece.
The Wall Street Journal, also citing a Greek official, reported that European finance ministers have a reached a “broad consensus” on the language of a deal.
These reports on progress in the Eurogroup’s negotiations follow reports that indicated that a letter sent to Germany by Greece earlier this week was actually the wrong letter. The report, which came from German publication Bild Zeitung, was later denied by Greece.
In other news on Friday, the latest data from oil driller Baker Hughes showed that the number of oil rigs in the US fell to its lowest level since July 2011 this week, as 37 oil rigs shuttered production.
Oil prices were down about 1% on Friday.