NEW YORK (AP) – U.S. stocks were mostly higher in morning trading Friday as negotiators continued to work toward a solution to Greece’s debt problems. Chinese stocks plunged 7 percent as fears spread that a yearlong bull rally there has become overheated. China’s benchmark index is still up more than double over the past year.
KEEPING SCORE: The Dow Jones industrial average rose 99 points, or 0.6 percent, to 17,989 as of 11:23 a.m. Eastern. The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 2,104 and the Nasdaq composite fell five points, or 0.1 percent, to 5,107.
GREEK TALKS: Global investors are watching closely as Greek debt talks go down to the wire. On Thursday, a key meeting of eurozone finance ministers on Greece’s rescue package broke up without an agreement. The 19 ministers are due to meet again Saturday.
Greece needs a deal to pay 1.6 billion euros ($1.8 billion) to the International Monetary Fund due Tuesday. Failing to do so would put the country on a path toward default and an exit from the euro.
“While these deadlines can quite often be taken with a pinch of salt, Greece has literally run out of time on this occasion,” said Craig Erlam, senior market analyst at OANDA.