CNBC: Stocks mostly higher as Street eyes Greece; Nike jumps 4%
U.S. stocks traded mostly higher on Friday as investors attempted to find optimism on the latest Greece headlines.
The Dow Jones industrial average traded about 80 points higher after briefly gaining more than 100 points, boosted by a more than 4 percent gain in Nike on a strong earnings report after the close Thursday. ( Tweet This )
The S&P 500 held slight gains, while the Nasdaq struggled to remain in positive territory.The major indices are on track for their first weekly loss in three.
"Greece is certainly the focus. It's the main driver of investors not going into this weekend in any big way on a summer Friday ahead of what could be a big decision over the weekend," said Art Hogan, chief market strategist at Wunderlich Securities.
Read MoreCheckmate: is this Greece's final, final deadline?
A Greek government official told Reuters that the creditors' proposal for a five-month extension and funding package is totally inadequate.
Earlier, European Commission President Jean-Claude Juncker said in a Reuters report he was "quite optimistic but not over-optimistic" of a deal with Greece on a cash-for-reform deal at a crucial meeting of euro zone finance ministers on Saturday.
Reuters also cited documents from both sides that supported increase of taxes for Greece's shipping industry, a key part of the country's economy.
The cash-strapped nation failed to reach a resolution with its creditors during several meetings this week. Leaders are scheduled to meet Saturday for another attempt to reach a deal ahead of the imminent June 30 repayment deadline.
European stocks edged out a mostly higher close amid hopes of resolution on Greece. Chinese stocks plunged on Friday, with the Shanghai Composite tumbling more than 7 percent, its biggest one-day loss in five months.
Read MoreMorgan Stanley: It's no time to buy Chinese stocks
In the United States, "the market seems range-bound. You've got a few good days. ... Then you've had a bit of profit taking," said James Meyer, chief investment officer at Tower Bridge Advisors."The next market-moving thing is earnings season itself."
Analysts note the S&P 500 has remained between 2,130 and 2,070 for the last few months.
The only U.S. economic data out Friday was the Michigan Consumer Sentiment, which posted a final read of 96.1 for June.
"I think it's pretty consistent with the general trajectory of things," said Todd Hedtke, vice president for investment management at Allianz Investment Management.
"I still think wages are the one thing to watch for the Fed," he said. "The short-term here is Greece. After that, the Fed's story comes back into the limelight."
Read MoreStart of 3rd quarter: A weaker period for stocks?
The annual rebalancing of the Russell 2000 also takes place on Friday.
"The only thing I can guarantee today is volume will be enormous in the first 20 minutes but the volatility occurs in the days (prior)," Meyer said.
Stocks closed lower on Thursday as another meeting between Greece and its creditors failed to reach a deal. Health care stocks rallied on the U.S. Supreme Court's decision upholding federal subsidies for health plans under the Affordable Care Act.
On Friday, the Dow Jones industrial average traded up 79 points, or 0.44 percent, at 17,969, with Nike leading gains and Intel the greatest laggard.
The Dow transports gained about 0.30 percent.
The S&P 500 traded up 1 point, or 0.06 percent, at 2,103, with consumer discretionary leading five sectors higher and information technology the greatest decliner.
The Nasdaq fell 22 points, or 0.44 percent, at 5,089.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 14.
Decliners were a touch ahead of advancers on the New York Stock Exchange, with an exchange volume of 256 million and a composite volume of 1.2 billion in midday trade.
Crude oil futures for August delivery fell 24 cents to $59.50 a barrel. Gold futures gained 30 cents to $1,172.20 an ounce.
Bond yields held higher, with the U.S. 10-year Treasury yield near 2.46 percent and the 2-year note yield at 0.72 percent. The 30-year yield climbed to 3.23 percent, the highest since September 22.
The U.S. dollar edged higher, with the euro below $1.12.
Symbol
Name
Price
Change
%Change
DJIA Dow Jones Industrial Average 17972.44 82.08 0.46%
S&P 500 S&P 500 Index 2102.51 0.20 0.01%
NASDAQ Nasdaq Composite Index 5087.38 -24.81 -0.49%
In corporate news:
Zoetis—Canadian drug maker Valeant is interested in buying the animal health company, according to a Wall Street Journal report.
Nike—Nike reported quarter profit of 98 cents per share, beating estimates by 15 cents, with revenue also above estimates. The athletic shoe and apparel maker was able to register higher prices and increased profit margins, among other positive factors.
Read MoreEarly movers: FNL, CYH, NKE, MU, JD, HMC & more
Micron Technology—Micron missed estimates by 2 cents with adjusted quarterly profit of 54 cents per share, with revenue also slightly below forecasts. Micron also gave a downbeat forecast for the current quarter, amid a continuing decline in computer chip prices.
—CNBC's Peter Schacknow contributed to this report.
