(Reuters) – U.S. stocks edged higher on Friday, but investors stayed cautious before a long holiday weekend when hopes are set for Greece’s bailout plan to be approved.
The S&P ended its sixth positive week out of seven so far in 2012, lifting it near levels not seen in more than three years. The index has risen 8.2 percent so far this year.
Friday’s modest advance has pushed the benchmark index up nearly 24 percent from its October low. European shares ended the week higher ahead of the deal, with the FTSEurofirst 300 .FTEU3 index up 0.6 percent. .EU
Euro-zone finance ministers will meet to approve a 130 billion euro rescue package for Greece on Monday when the U.S. market will be closed for the Presidents Day holiday.
“The fact the European market is up the Friday before, knowing the U.S. market is off on Monday, is really a sign that the Greece situation is priced into the market,” said Andrew Slimmon, managing director of Global Investment Solutions at Morgan Stanley Smith Barney in Chicago.