US stock indexes move higher in morning trading, while China's market plunges after long rally

U.S. stocks were mostly higher in morning trading Friday as negotiators continued to work toward a solution to Greece's debt problems. Chinese stocks plunged 7 percent as fears spread that a yearlong bull rally there has become overheated. China's benchmark index is still up more than double over the past year.

KEEPING SCORE: The Dow Jones industrial average rose 99 points, or 0.6 percent, to 17,989 as of 11:23 a.m. Eastern. The Standard & Poor's 500 index rose two points, or 0.1 percent, to 2,104 and the Nasdaq composite fell five points, or 0.1 percent, to 5,107.

GREEK TALKS: Global investors are watching closely as Greek debt talks go down to the wire. On Thursday, a key meeting of eurozone finance ministers on Greece's rescue package broke up without an agreement. The 19 ministers are due to meet again Saturday.

Greece needs a deal to pay 1.6 billion euros ($1.8 billion) to the International Monetary Fund due Tuesday. Failing to do so would put the country on a path toward default and an exit from the euro.

"While these deadlines can quite often be taken with a pinch of salt, Greece has literally run out of time on this occasion," said Craig Erlam, senior market analyst at OANDA.

JUST DO IT: Nike shares rose $4.44, or 4 percent, to $109.66 after the athletic shoe and apparel maker posted quarterly results that beat analysts' expectations.

SHANGHAI SLUMP: While Greece has been the main driver in financial markets recent weeks, worries over China have risen up the list of concerns. On Friday, Chinese stocks plunged more than 7 percent. The Shanghai composite closed at 4,391.91. It reached 5,300 just two weeks ago.

"Although I continue to be optimistic about the longer-term trend of the China markets, it's clear that we are in a sharp correction phase," said Bernard Aw of IG Markets in Singapore.

ENERGY: Benchmark U.S. crude oil fell 73 cents to $58.95 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 50 cents to $62.70 in London.

BONDS, CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.46 percent from 2.39 percent late Thursday. In currency trading, the euro fell to $1.1146 while the dollar was rose to 123.95 Japanese yen.