U.S. Equity markets turned positive overnight after Spain announced new austerity measures. This action helped to ease worries over Euro Zone sovereign debt problems. One of the biggest fears affecting Wall Street has been the fear of contagion in Europe.

U.S. stock markets are trading higher after the European Union, led by France and Germany, agreed on a bailout plan to help Greece. The news spread quickly throughout the equity markets as traders covered short positions initiated after Thursday reversal to the downside.

U.S. Equity markets treaded water most of the session after a firm opening. Once again a gap-higher opening during the day session in the stock indices failed to attract strong buying interest. This was no surprise, however, as traders have backed away many times from chasing this market during its nine-month rally.