Wall Street was on track to end the week higher on Friday on hopes of collective action from global central bankers if the closely watched election in Greece this weekend results in market turmoil. The news offset the latest round of weak US economic data, which pointed to sluggish growth domestically.
Officials of the Group of 20 leading industrialised nations told Reuters that central banks of major economies would take steps to stabilise markets and prevent a credit squeeze, if necessary.
That spurred sharp gains late in Thursday's session, erasing the S&P's decline for the week. The benchmark index is now up 0.7 percent on the week, even as uncertainties persist over the euro zone.
Material and energy shares were among the biggest gainers of the day, with the two closely tied to economic growth prospects. Cabot Oil & Gas rose 0.9 percent to $35.37 and Alcoa Inc was up 1.4 percent at $8.77.
The Dow Jones industrial average was up 63.65 points, or 0.50 percent, at 12,715.56. The Standard & Poor's 500 Index was up 7.49 points, or 0.56 percent, at 1,336.59. The Nasdaq Composite Index was up 18.74 points, or 0.66 percent, at 2,855.07.
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