The widely-expected ruling suggests that credit default swaps, which are derivative contracts that investors use to insure against default, will be paid out on some Greek bonds. However, the market for CDS contracts on Greek bonds is relatively small, valued at about $3 billion, and analysts do not expect the ruling to be disruptive to financial markets.
The Dow Jones industrial average (INDU) ended 14 points higher, or 0.1%,
The S&P 500 (SPX) gained 5 points, or 0.4%, and the Nasdaq (COMP) increased 18 points, or 0.6%.
Markets also found support thanks to the government's jobs report that showed the U.S. economy added 227,000 jobs in February, while the unemployment rate remained unchanged at 8.3%.
"The jobs report is yet another sign that the economy is improving and headed in the right direction," said Karl Mills, president and chief investment officer at Jurika Mills & Keifer.
"The stock market is just the most sensible place to invest right now," said Mills. "Companies are in better shape than countries by a long shot, and this rally still has a ways to go."
Friday also marks the third anniversary of the current bull market. The S&P 500 and Nasdaq have more than doubled in value from the bear market lows on March 9, 2009. And the Dow is up more than 97%.
The dollar strengthened against the euro, the British pound and the Japanese yen.
Oil for April delivery rose 81 cents to settle at $107.39 a barrel.
Gold futures for April delivery added $12.80 to settle at $1,711.50 an ounce.
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