U.S. stocks rose more than 1 percent Friday, recovering from a sharp sell-off earlier in the week, as hopes for resolution in Greece and stabilization in China improved investor sentiment. Greece submitted new reform proposals late Thursday that creditors began evaluating Friday. The parliament in Athens also is scheduled to vote on the proposals later in the day ahead of Sunday meetings of euro-zone leaders. Greek banks will need an estimated 10 billion to 14 billion euros of new capital to keep them solvent and more time before they reopen even if a deal is reached with European creditors on Sunday. Chinese stocks extended gains Friday, jumping for a second session following government intervention amid hopes of a Greece deal. European stocks also advanced. The U.S. dollar fell about 0.5 percent against major currencies. West Texas Intermediate (WTI) crude for August deliver fell 4 cents to $52.74 a barrel on the New York Mercantile Exchange. Gold futures fell $1.30 to $1,157.90 an ounce. The Dow Jones industrial average rose 211.79, or 1.2 percent, to 17,760.41. All 30 of the index's components rose, led by Apple, UnitedHealth, and Visa. The index managed a slight gain for the week but remains about 0.3 percent lower for the year so far. The broader Standard & Poor's 500 rose 25.31, or 1.2 percent, to 2,076.62. The benchmark index recovered gains for the year but failed to rise for the week, ending flat for the five-day session. The technology-heavy Nasdaq composite index rose 75.30, or 1.5 percent, to 4,997.70. Biotechnology shares rallied, and Apple gained more than 2.7 percent, reversing a 2-percent plunge Thursday that took the stock close to its 200-day average.
