Investing.com - U.S. stocks gained in Friday trade, on pace for a five-day winning streak as European finance officials met to discuss the region’s debt crisis and the details of Greece’s next bailout.
In late afternoon U.S. trade, the Dow Jones Industrial Average rose 0.61% to 11,503.50, the Nasdaq Composite Index gained 0.37% to 2,616.82, and the S&P 500 advanced 0.36% to trade at 1,213.50.
Speaking from a meeting of euro-zone finance ministers in Poland Friday, Luxembourg Prime Minister Jean-Claude Juncker said a decision on the next round of Greek aid would be made in October.
Juncker added that officials had made progress on a dispute involving Finland’s demands that it receive collateral in return for its support of a second Greek bailout.
By the end of Friday’s European session, the STOXX 50 Index added 0.17% to 2,159.28, Britain’s FTSE rose 0.58% to 5,368.41, and Germany’s DAX climbed 1.18% to close at 5,573.51.
France’s CAC 40 bucked the regional trend, slipping 0.47% to end the session at 3.031.08.
Also in attendance at the Poland meeting was U.S. Treasury Secretary Timothy Geithner, who urged finance ministers to work together with the European Central Bank to address the region’s debt crisis and embellish the power of the current rescue fund.
Earlier Friday, the University of Michigan released its report on U.S. consumer sentiment showing a more-than-expected gain to 57.8 in August, up from 55.7 in the previous month. Economists had forecast the index to hit 56.0 last month.
Dow components Procter & Gamble Co., Intel Corp. and Home Depot all rose more than 1% in afternoon trade, as 19 of 30 issues listed on the index gained ground.
Security system maker Tyco International Ltd. surged 7.4% after a Reuters report that the company may be a take-over target for United Technologies Corp.
Research In Motion Ltd., manufacturer of the smartphone BlackBerry, continued its downward spiral, tumbling 17% after reporting lower-than-expected second quarter profits.
And First Solar Inc. led decliners on the S&P Index, dropping 5.3% after Axiom Capital Management cited deteriorating business conditions for the world’s largest producer of thin-film solar modules.
European Central Bank President Jean-Claude Trichet was scheduled to give a speech after the conclusion of the meeting in Wroclaw, Poland later Friday.