From Morrison Securities Pty. Ltd:

U.S. STOCK MARKETS:

The Dow Jones Industrial Average pushed higher for the second day after European leaders signaled progress toward an agreement on a second bailout for Greece. Both the Dow and Standard & Poor's 500 stock indexes made runs at multiyear milestones, but a late rally lost momentum ahead of the long, holiday weekend.

The Dow advanced 45.79 points, or 0.4%, to 12949.87, within striking distance of 13000, a threshold last hit in May 2008. The Standard & Poor's 500-stock index rose 3.19 points, or 0.2%, to 1361.23, just short of its best close in almost four years. The Nasdaq Composite fell 8.07 points, or 0.3%, to 2951.78.

Consumer-discretionary and financial stocks were the strongest performers in the S&P 500 on a percentage basis, while healthcare and utility stocks lagged. Intel was the biggest percentage gainer in the Dow, rising 55 cents, or 2%, to $27.37, while

Alcoa fell 13 cents, or 1.3%, to 10.15. U.S. economic data showed consumer prices rose in line with expectations in January. The newly composed index of leading economic indicators in January increased for the fourth consecutive month, just shy of expectations.

In corporate news, H.J. Heinz tacked on 4.6% after the food company reported better-than-expected fiscal third-quarter earnings and revenue, and provided an upbeat full-year earnings outlook. General Mills shed 3.6% after it indicated fiscal third-quarter earnings would be below estimates and lowered its full-year outlook. Gilead Sciences slumped 14%, making it the weakest performer on the Nasdaq 100 and the S&P 500, after the company announced disappointing results in a study of its hepatitis C treatment.

EUROPEAN STOCK MARKETS

European stock markets rose Friday as renewed hopes for a Greek bailout raised investor appetite for riskier assets, although gains were tempered by slightly weaker-than-expected leading economic indicators from the U.S.

The Stoxx Europe 600 index rose 0.7% to 266.21, trading around levels not seen since summer 2011. Among the biggest gainers, Aker Solutions ASA surged 18% after reporting a 20% rise in profit, driven by upbeat activity in the oil and gas sector.

Sectorwise, banks led the gains after it appeared European officials were moving closer to an agreement to close Greece's funding gap, which could clear way for approval of a second bailout.

German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos expressed confidence in a conference call Friday that euro-zone finance ministers would reach an agreement on outstanding issues when they meet Monday, a spokesman for Merkel said.

However, stock markets pared gains in afternoon trade as the Conference Board in the U.S. said its index of leading economic indicators grew 0.4% in January, slightly below economists' expectations.

The Athens General Index rallied 5% to 824.26, with National Bank of Greece SA jumping 10% and Piraeus Bank SA up more than 14%. Spanish banks added to the positive sentiment, with Banco Santander SA up 2.4% and BBVA SA 1.6% higher.

Spain's Ibex 35 index gained 1.4% to 8,681.10. French banks Societe Generale SA and Credit Agricole SA added 6% and 4.6% respectively, lifting the CAC 40 index 1.5% to 3,443.50.

Also supporting the French index, Lafarge SA rose 7.7%. The company swung to a surprise fourth-quarter net loss of EUR3 million, as it reported a 5% sales gain, and announced plans for further cost costs, divestments of more than EUR1 billion, and said it would cut its dividend to 50 cents a share.

Shares of HeidelbergCement AG added 6%, posting the biggest gain in the German DAX 30 index which rose 1.5% to 6,852. Commerzbank AG and Deutsche Bank AG each rose 2%.

The U.K. FTSE 100 index traded 0.5% higher at 5,916.86, getting a brief boost after the government reported a surprise jump in January retail sales. Resource stocks underpinned the index.

Anglo American PLC was up 1.4% after reporting a 6% drop in profit, but said its longer-term outlook remains strong. Randgold Resources Ltd. rose 1.9%, Xstrata PLC added 2%, while Vedanta Resources PLC gained 5%.

ASIA-PACIFIC STOCK MARKETS

Asian shares rose Friday, bolstered by economic data and earnings, and with Japanese exporters getting a boost as the yen fell further.

Hong Kong's Hang Seng Index gained 1% to 21,491.62, Japan's Nikkei Stock Average advanced 1.6% to 9384.17, and South Korea's Kospi climbed 1.3% to 2023.47.

The Shanghai Composite index rose 0.1% to 2357.18. Asian markets got an early boost after U.S. shares ended at a level not seen in almost four years Thursday, as encouraging jobs data outweighed lingering concerns about a possible Greek default.

Japanese exporters extended strong gains. Both Toyota Motor Corp. and Mazda Motor Corp. climbed 0.6%, while Nissan Motor Co. rose 2.1%. Sony Corp. climbed 2.1%, and Panasonic Corp. rose 3.7%.

Banks were mixed in Hong Kong, with HSBC Holdings PLC up 1.7%, and Industrial & Commercial Bank of China Ltd. down 0.2%. In the Chinese insurance sector, China Life Insurance Co. advanced 3.5%--extending its weekly gain above 6%--and Ping An Insurance Group Co. rose 1.6%.

Some globally-exposed names rose as well, with Foxconn International Holdings Ltd. up 0.7% and apparel firm Esprit Holdings Ltd. up 4.9% ahead of its earnings due next week.

COMMODITIES

Base metals closed mostly lower on the London Metal Exchange Friday after early upward progress stalled as investors locked-in profits ahead of the weekend and rangebound currency markets provided scant direction for the dollar-denominated assets.

At the PM kerb close, the LME's flagship three-month copper contract was 1.5% lower at $8,170 a metric ton, well below its session high of $8,424.25/ton.

Trading conditions were thin on the LME Friday, despite signs that Greece is edging closer to securing a second bailout. Nickel was the laggard of the base metal complex for most of the trading session Friday, closing 1.4% lower at $19,600/ton.

The metal, a raw material for the production of stainless steel, is unlikely to rally sustainably in the months ahead due to its poor fundamental picture, said Leon Westgate of Standard Bank.

U.S. crude futures settled at their highest level in nine months Friday, as optimism grew that Greece would get another bailout and the euro-zone was closer to resolving its sovereign-debt crisis.

Light, sweet crude for March delivery settled up 93 cents, or 0.9%, at $103.24 a barrel on the New York Mercantile Exchange. That is the highest level for the front-month contract since May 10 and the third straight session of higher prices.

Gold futures edged lower, ending flat on the week, as drawn-out bailout talks in Greece frayed investor nerves and some traders trimmed their holdings ahead of a three-day break in the U.S. The most actively traded gold contract, for April delivery, slipped $2.50, or 0.1%, to settle at $1,725.90 a troy ounce on the Comex division of the New York Mercantile Exchange.