Stocks on Friday breifly breached the 11000 threshold, but closed just below it as worries about Greek debt eased and investors were encouraged by a sharp improvement in February wholesaler inventories.
The Dow Jones Industrial Average hit 11000 with less than 10 minutes left in the session, then closed at 10997, a gain of 70 points for the day. The S&P 500 advanced 8 points to 1194 and the Nasdaq rose 17 to 2454.
Greek debt markets took a breather Friday after a stormy session Thursday, allowing yield spreads to narrow and the euro to firm slightly; underlying concerns over Greece’s ability to finance itself are keeping investors’ nerves on edge.
The sharp decline in Greek yield spreads helped to boost the euro and drive the dollar and the yen lower in Europe. The euro was up at $1.3407 and the pound had risen to $1.5363.
On Thursday, U.S. markets reversed early losses to close higher after upbeat sales results from many retailers produced the largest increase in monthly sales since 1999. The Dow Jones Industrial Average closed up nearly 30 pounds, the S&P 500 Index rose around four points and the Nasdaq Composite gained 5.7 points.
The dollar remained relatively steady ahead of the data, edging up 0.3% against the yen at 93.67 yen, while slipping marginally against the euro. Crude oil prices rose, with the May-dated light crude contract down 48 at $84.91 a barrel.
Banks will be in the spotlight after The Wall Street Journal reported that 18 firms, including Citigroup (C), Goldman Sachs Group (GS) and J.P. Morgan Chase (JPM) masked the level of risk they took over the last five quarters by lowering their debt levels just before reporting the figures publicly.
European shares climbed Friday, with the German DAX 30 index up 0.8% as investors shifted their focus to the evidence of growing U.S. consumption. Asian stock markets also traded mostly higher, with Japan’s Nikkei 225 Average rising 0.3%.
Dow Jones Newswires contributed to this report.
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