A Greece deal is in sight and stocks are at record highs

With a deal between Greece and its European creditors is in sight and stocks are rallying with the Dow and S&P 500 moving to record highs.

On Friday afternoon, the Dow was up 121 points, the S&P 500 was up 8 points, and the Nasdaq was up 20 points.

On Friday, the markets are focused primarily on Greece.

According to a report from Bloomberg News citing a Greek official, European finance ministers have reached a deal to keep funds flowing to Greece.

The Wall Street Journal, also citing a Greek official, reported that European finance ministers have a reached a "broad consensus" on the language of a deal.

These reports on progress in the Eurogroup's negotiations follow reports that indicated that a letter sent to Germany by Greece earlier this week was actually the wrong letter. The report, which came from German publication Bild Zeitung, was later denied by Greece.

In other news on Friday, the latest data from oil driller Baker Hughes showed that the number of oil rigs in the US fell to its lowest level since July 2011 this week, as 37 oil rigs shuttered production.

Oil prices were down about 1% on Friday.