U.S. stocks jump on China bounce

U.S. stocks surged in the morning session on Friday, as a second day of recovery in Chinese stocks cheered Wall Street sentiment.

At noon, the Dow Jones Industrial Average soared 228.76 points, or 1.30 percent, to 17,777.38. The S&P 500 surged 26.44 points, or 1.29 percent, to 2,077.75. The Nasdaq Composite Index spiked 71.95 points, or 1.46 percent, to 4,994.35.

Chinese shares staged a strong two-day rebound after moves by the government to bolster the market. The benchmark Shanghai Composite Index leaped 4.54 percent on Friday, while the Shenzhen Component Index surged 4.59 percent.

Chinese Premier Li Keqiang said China has the confidence and capability to promote healthy development of its capital market to provide a sound financial environment for economic growth.

Traders will also look for clues regarding the timing of an interest rate hike in the United States, as Federal Reserve Chair Janet Yellen will speech at a conference around midday.

Analysts said the Fed minutes released by the Federal Open Market Committee (FOMC) Wednesday indicated that a rate hike might be pushed back.

Greece's stock exchange will also remain closed until July 13, after authorities decided to extend a bank holiday and capital controls.

There will not be a summit on Sunday if a deal on aid for Greece is reached at Saturday's Eurogroup meeting, a European official said a briefing on Friday. European stocks surged on hopes of a deal.

U.S. stocks shaved part of early gains to end mildly higher on Thursday, as investors cheered over an across-the-board stock increase around the world. Endite