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US: Stocks surge after latest Greek proposal


[NEW YORK] US stocks surged in opening trade Friday, following European equity markets higher after the latest bailout proposal from Greece lifted hopes of a deal with its creditors.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,757.71, up 209.09 points (1.19 per cent).

The broad-based S&P 500 rose 23.06 (1.12 per cent) to 2,074.37, while the tech-rich Nasdaq Composite Index jumped 58.02 (1.18 per cent) to 4,980.42.

Debt-riddled Greece on Thursday submitted a cash-for-reforms plan to creditors that raised hopes that a deal could be struck to avert the country's financial collapse and a potential exit from the eurozone.

Investors also took heart from a 4.54 per cent gain in the benchmark Shanghai Composite Index, the second straight day of gains after the Chinese government announced additional policies to stem market turbulence.