US markets turned higher on Friday aided by the European Central Bank's (ECB) move and on hopes that Federal Reserve will come up with more stimulus. There was a report that ECB was considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs. However, the stocks were under pressure in early trade on worries about Greece and uncertainty over how Europe will address Spain's debt crisis. But after ECB news the markets recovered, further boosting investor sentiment, Federal Reserve Chairman Ben Bernanke said the Fed has room to deliver additional monetary stimulus to boost the US economy.
In economy news, the Commerce Department said that durable goods orders jumped 4.2 percent on strong demand for civilian aircraft after an upwardly revised 1.6 percent increase in June. Last month's increase was the largest since December.However, non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, declined by 3.4 percent after falling 2.7 percent in June.
The Dow Jones industrial average surged by 100.51 points, or 0.77 percent, to end at 13,157.97. The Standard & Poor's 500 Index gained 9.05 points, or 0.65 percent, to 1,411.13, while the Nasdaq Composite Index added 16.39 points, or 0.54 percent, to close at 3,069.79.
Indian ADRs made a mixed closing, HDFC Bank was down by 0.39%, ICICI Bank was down by 0.58%, Wipro was down by 0.03%.
On the other hand Infosys was up by 0.03%, MTNL was up by 0.10% and Tata Motors was up by 0.16%.