U.S. stock indexes climbed early in New York Friday as reports suggest Spain is preparing to ask the international community in Europe for a bailout.
The Wall Street Journal reported Friday that Spain and the European Commission are working out details for how the country would be in compliance with terms for a loan from the European Stability Mechanism.
Spain has yet to ask for help and has been holding back on making a formal request in part because the terms of a loan could require harsh budget adjustments.
With Spanish banks holding large numbers of toxic mortgages, however, investors reacted favorably to news that Spain could be preparing to make a request for aid.
In midmorning trading in New York, the Dow Jones industrial average added 38.72 points, or 0.29 percent, to 13,636.65. The tech-dominated Nasdaq Composite index gained 16.63 points, or 0.52 percent, to 3,192.59. The Standard and Poor's 500 gained 5.59 points, or 0.38 percent, to 1,465.85.
The benchmark 10-year treasury fell 5/32 to yield 1.783 percent.
The euro rose to $1.2994 from Thursday's $1.2968. The U.S. dollar fell to 78.18 yen from 78.25 yen.
In Tokyo, the Nikkei 225 index added 0.25 percent, 23.02 points, to 9,110.
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