Stocks edged up slightly Friday, but investors were wary of making big bets heading into a holiday weekend when Greece's bailout plan is expected to be approved.
The rise in the S&P 500 continued after the index posted its best daily gain in two weeks on Thursday, touching a 9-month high.
Greek officials said they have done everything asked of them for euro-zone finance ministers to approve a 130-billion-euro ($170 billion) rescue package on Monday, when the U.S. market will be closed for the Presidents Day holiday.
Equity markets have tended to react positively on progress on helping Greece avoid a chaotic bailout. Agreements at times, however, have broken down at the last minute.
The trend here is to move higher, in the absence of a crisis coming out of Europe. But going into next week, which is when the conclusion (from Greece) is expected, fund managers and traders will be a little bit nervous because our market will be closed on Monday, said Jack DeGan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
I wouldn't be surprised if the gains today are muted, or even if we end slightly lower as hedging may feed to the downside.
The Dow Jones industrial average <.DJI> was up 23.35 points, or 0.18 percent, at 12,927.43. The Standard & Poor's 500 Index <.SPX> was up 1.84 points, or 0.14 percent, at 1,359.88. The Nasdaq Composite Index <.IXIC> was down 4.71 points, or 0.16 percent, at 2,955.14.
General Mills Inc
Data showed U.S. consumer prices rose 0.2 percent in January, the most in four months, highlighting concerns of growing energy costs.
(Editing by Padraic Cassidy)