The US markets traded jubilantly and ended higher on Friday on optimism that Greece will finally be able to reach a new agreement with its creditors. In a move seen as Greece’s final bid to remain in the eurozone, the government offered a cash-for-reforms proposal to creditors that includes spending cuts and tax hikes in exchange for a third bailout. Prime Minister Alexis Tsipras’ request for at least 53.5 billion euros in bailout funds for the next three years was presented to the Greek parliament for approval. Eurozone finance ministers will meet on Saturday in Brussels to review the Greek request, followed by a summit of European leaders on Sunday to reach a final agreement. Continued rebound by the Chinese stock markets to aided sentiments, as the Shanghai Composite Index jumped by 4.5 percent following Thursday’s 5.8 percent gain. Chinese stocks benefited from expectations the country's central bank will unveil further measures to support the market over the weekend.
The Dow Jones Industrial Average surged 211.79 points or 1.21 percent to 17,760.41, the Nasdaq was up 75.30 points or 1.53 percent to 4,997.70 and the S&P 500 gained 25.31 points or 1.23 percent to 2,076.62.
The Indian ADRs markets ended in green on Friday, HDFC Bank was up 1.66%, Dr. Reddy’s Lab was up 1.06%, Tata Motors was up by 0.37%, ICICI Bank was up by 0.32%, Wipro was up by 0.20% and Infosys was up by 0.07%.