Wall Street was trading higher before the close of trading today amid optimism an agreement over Greek debt was drawing closer and as data showed renewed life in the U.S. economy.
The S&P 500 (INDEXSP:.INX) rose 0.3 percent to 2,115.63 at 3:41 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.5 percent to 18,093.75, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) gained 0.3 percent to 4,521.04.
Greece's international creditors hinted today they were ready to compromise to avert a default even as Athens warned it might skip an IMF loan repayment due this week.
DATA:
The U.S. trade deficit contracted 19.2 percent in April after hitting a seven-year high in March, a big swing largely caused by a dockworkers strike earlier in the year.
Private sector job creation swung higher in May after a lackluster April, with companies adding 201,000 positions for the month, according to payroll firm ADP. The number was just about in line with expectations for a 200,000 gain thanks largely to a big gain in service sector jobs.
Investors will be looking next toward Friday’s nonfarm payroll report to gain a better sense of the health of the U.S. economy
MOVERS:
Synchronoss Technologies' (NASDAQ:SNCR) jumped 16.4 percent to $49.48 after the Wall Street Journal reported that the software maker was working on a possible sale that could be valued at more than $2 billion.
Guess (NYSE:GES) rose 2.1 percent to $19.05 after reporting an unexpected profit in its fiscal first-quarter and boosted its full fiscal year earnings guidance.
Wendy’s (NASDAQ:WEN) soared 3.8 percent to $11.51 after the quick-service restaurant company announced a $1.4 billion buyback and the completion of the sale of its bakery operations.
G-III Apparel Group (NASDAQ:GIII) jumped 11 percent to $66.70 after the New York-based company reported its first-quarter earnings surged to $6.8 million from $1.1 million a year ago.
Vera Bradley (NASDAQ:VRA) tanked 12.6 percent to $12.36 after the handbag retailer swung to a loss in its first quarter and again issued dismal guidance.
Brown-Forman (NYSE:BF.B) rose 2.5 percent to $96.70 after saying its sales grew a better-than-expected 6 percent pace, buoyed by its focus on the Jack Daniel's trademark brand.
Stock Building Supply Holdings (NASDAQ:STCK) gained 14.2 percent to $20.67 after agreeing to a $1.5 billion all-stock merger with privately held Building Materials Holding Corp.
Lumber Liquidators (NYSE:LL) slid 1.8 percent to $21.62 after saying its chief compliance officer Ray Cotton has left the company.
COMMODITIES:
Gold futures for August delivery fell 0.8 percent to settle at $1,184.90 an ounce on Comex.
U.S. crude futures closed down 2.64 percent at $59.64 a barrel.
OTHER MARKETS:
European stock markets ended a volatile session mostly higher on Wednesday after European Central Bank President Mario Draghi vowed to keep quantitative easing running until September 2016.
Germany’s DAX 30 index posted one of the biggest gains among major country-specific indexes, rising 0.8 percent to close at 11,419.62.
France’s CAC 40 index climbed 0.6 percent to 5,034, while the U.K.’s FTSE 100 index picked up 0.3% to 6,950. The pan-European Stoxx Europe 600 index slipped 0.1 percent.
German bunds slumped, sending the yield on 10-year paper up 21 basis points to 0.894%, the highest in 2015.