US stocks surge ahead of Greek vote

NEW YORK: US stocks powered higher Friday in the wake of Europe's market
gains amid confidence that central banks will keep easy money flowing
to smooth any turbulence following Greek polls and to offset slower
growth.

Gains were registered across all sectors, as investors
shrugged off worries of an imminent, turbulent Greek exit from the
eurozone after the country elects a new government Sunday.

The Dow Jones Industrial Average closed 115.26 points (0.91 per cent) higher at 12,767.17.

The
broad-market SandP 500 climbed 13.74 (1.03 per cent) to 1,342.84, while
the tech-rich Nasdaq Composite added 36.47 (1.29 per cent) to 2,872.80.

"The
major equity averages have extended the prior session's advance, which
was helped along by headlines purporting that central banks have been
proactive in preparing for the possible need for a coordinated effort in
the wake of weekend elections in Greece," said Briefing.com

"Traders
have also regarded a couple of doses of disappointing data as fodder
for the Fed to take accommodative action when it meets next week."

Blue chips were strong. IBM gained 2.1 per cent, Bank of America 3.1 per cent, and Chevron 2.3 per cent.

Nokia shares leaped 5.3 per cent after earning an upgrade from analysts at Oppenheimer and Citigroup.

Microsoft
added 2.3 per cent and Facebook shares soared 5.9 per cent to lead a
surge in tech stocks. At US$29.96, Facebook was 21 per cent below its
May 18 IPO price of US$38 but well up from the June 6 low of US$25.52.
-- AFP