The US markets closed higher reversing their earlier losses, amid optimism that Greece may be nearing a rescue deal. Nasdaq hits a fresh 11-year high.
Dow Jones Industrial Average was up 0.26% or 33.07 points at 12878.2. Nasdaq Composite was up 0.07% or 2.09 points at 2904.08. Standard & Poor's 500 was up 0.2% or 2.72 points at 1347.05.
On economic data front, consumer credit climbed for a second month in a row in December, rising by 19.31 billion dollars after a 20 billion dollar gain in November.
Meanwhile, Fed Chairman Ben Bernanke renewed his pledge to prevent Europe's financial crisis from damaging the US economy in prepared testimony before congress. He maintained a cautious tone on the US outlook.
In the currency space, the Euro rallied against the dollar, its highest in about eight weeks on Greek bailout optimism.
In commodities, crude prices maintain its gains, currently at USD 116 levels on speculation that a drop in US crude stockpiles would signal fuel demand may increase.
Meanwhile, gold rose over a percent following a weakness in dollar.
