U.S. stocks rallied as technology and healthcare stocks gained and as investors hoped that Greece would avoid defaulting on its debt.
The S&P 500 (INDEXSP:.INX) rose 1 percent to 2,125 at 3:41 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) increased 0.8 percent to 18,181, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 1.5 percent to 5,106.
Reports that Athens and its creditors were near a deal pushed the euro higher against the dollar, partly reversing recent moves. EU officials, however, dismissed Greek claims an aid agreement was being drafted.
The dollar gave back early gains to trade mildly higher, with the euro trading just below $1.09. The yen remained near 8-year highs.
MOVERS:
Tiffany & Co. (NYSE:TIF) jumped 11.5 percent to $95.35 after the luxury jewelry chain posted quarterly profit that topped estimates.
TiVo (NASDAQ:TIVO) jumped 2.9 percent to $10.66 after the digital video recorder maker reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.
Hormel Foods (NYSE:HRL) advanced 3.4 percent to $58.53 after the maker of Spam agreed to buy closely held Applegate Farms LLC for about $775 million.
Michael Kors Holdings (NYSE:KORS) tumbled 23.7 percent to $46.24 after its 2016 earnings forecast fell short of projections.
DSW (NYSE:DSW) rose 2.5 percent to $35.09 after the shoe retailer reported a better-than-expected 23 percent increase in profit in its first quarter.
Toll Brothers (NYSE:TOL) fell 2.2 percent to $35.99 as the luxury home builder reported revenue below estimates with the number of homes sold falling 2 percent.
Reynolds American (NYSE:RAI) gained 2.7 percent to $77.48 after the tobacco producer won government approval to buy rival Lorillard.
Workday (NYSE:WDAY) stumbled 11 percent to $82.18 after the software maker for human resource work forecast current-quarter billings below market expectations and reported a bigger quarterly net loss.
Brown Shoe (NYSE:BWS) added 3.6 percent to $31.21 as the company behind Famous Footwear, Dr. Scholl's, and Naturalizer reported latest quarter’s profit above estimates by 9 cents at 44 cents per share.
Movado (NYSE:MOV) slumped 2.9 percent to $26.55 after the watch retailer reported adjusted quarterly profit of 25 cents per share, 1 cent below estimates.
COMMODITIES:
Gold for June delivery fell 0.1 percent to settle at $1,185.60 an ounce on Comex.
July crude settled at $57.51 a barrel, down 0.9 percent on the New York Mercantile Exchange.
OTHER MARKETS:
European stocks rallied on initially encouraging reports out of Greece. The German DAX closed up more than 1 percent, while Greece's ATHEX Composite ended 3.5 percent higher.