US stocks rise on optimism that Greek debt deal will be done

This Monday, July 6, 2015 photo shows a sign for Wall Street carved into the side of a building, in New York. Hopes that Greece will be able to forge a deal with creditors this weekend that will secure its euro future helped stock markets around the world and Europe's single currency itself post big gains on Friday, July 10. (AP Photo/Mark Lennihan)
This Monday, July 6, 2015 photo shows a sign for Wall Street carved into the side of a building, in New York. Hopes that Greece will be able to forge a deal with creditors this weekend that will secure its euro future helped stock markets around the world and Europe's single currency itself post big gains on Friday, July 10. (AP Photo/Mark Lennihan)

NEW YORK (AP) — U.S. stocks are closing higher as Greece moves closer to sealing a deal for new loans from its creditors.

European markets also rose sharply. China’s stock market climbed for a second day, reversing course after a monthlong slump.

The Dow Jones industrial average gained 211 points, or 1.2 percent, to 17,760 Friday.

The Standard & Poor’s 500 index increased 25 points, or 1.2 percent, to 2,076. The Nasdaq composite climbed 75 points, or 1.5 percent, to 4,997.

The gains were broad. Four stocks rose for every one that fell on the New York Stock Exchange.

Airline stocks rallied. American Airlines rose 4 percent and Delta Air Lines gained 5 percent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.41 percent.

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