Stocks Jumped on Greece Optimism

U.S. stocks jumped and closed broadly higher on Friday as Greece moves closer to sealing a deal for new loans from its creditors. The Dow Jones industrial average gained 211.79 points, or 1.21%, to 17,760.41. The Standard & Poor’s 500 increased 25.31 points, or 1.23%, to 2,076.62. The Nasdaq composite climbed 75.30 points, or 1.53%, to 4,997.70.

Greece will be able to transfer bonds currently held by the European Central Bank to the European Stability Mechanism, its finance minister told parliament on Friday, as the government races to seal a bailout deal.

Federal Reserve Chairwoman Janet Yellen on Friday said she saw signs the economy was improving and said she expects a rate hike to be needed this year.

Lockheed Martin Corp.(LMT) is in advanced talks to buy the Sikorsky helicopter unit from United Technologies Corp.(UTX), in a deal that could be valued at more than $8 billion.