Stocks Push Higher on Greek Hopes

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Wall Street climbed higher on Wednesday as larger swaths of Greek creditors signed on to a critical bond swap deal, lifting hopes that the country will be able to avoid defaulting on its sovereign debt.

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As of 3:10 p.m. ET, the Dow Jones Industrial Average climbed 87.6 points, or 0.68%, to 12846, the S&P 500 gained 9.2 points, or 0.68%, to 1352 and the Nasdaq Composite rose 20.7 points, or 0.67%, to 2930. 

On the European front, a private creditor group said 40.8% of Greek bondholders it represents back the debt exchange that will cut the face value of its members holdings by more than half. Included in the group are banking giants such as Deutsche Bank (DB), Societe Generale (SCGLY), Royal Bank of Scotland (RBS) and HSBC (HBC). On top of that, Greek pension funds also supported the deal, along with the countries largest banks, meaning the participation rate is continuing to push even higher. 

The private sector tacked on 216,000 jobs last month, according to payroll processor ADP, higher than the 208,000 economists expected. The highly-important monthly employment report from the Labor Department is on tap for Friday, and ADP's private survey gives economists a hint of what may be expected. Indeed, in recent reports, the private sector, particularly small businesses, have led to jobs gains while the government sector has pulled back on its hiring. 

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Weekly employment data, which tend to be more volatile than the monthly reports, have shown a significant downward trend on the number of individuals filing for first-time unemployment benefits.

Commodities markets rose mildly, helped by a weaker dollar. The greenback fell 0.12% against a basket of six world currencies tracked by the dollar index. Data from the Energy Department showed that crude oil stocks rose by 832,000 barrels last week, a slightly bigger build than the 800,000 economists expected. Gasoline inventories, meanwhile, fell by 396,000 barrels, short of the expected 1.4-million barrel draw.

The benchmark crude oil contract traded in New York climbed $1.46, or 1.4%, to $106.16 a barrel. Wholesale New York Harbor RBOB gasoline jumped 1.8% to $3.287 a gallon.

In metals, gold gained $11.80, or 0.71%, to $1,684 a troy ounce. The yield on the benchmark 10-year U.S. Treasury yield rose by 0.021-percentage point to 1.963%.

Corporate News

Apple (AAPL) unveiled the 'New iPad,' which features a quicker processor, high resolution display and other enhancements. 

Foreign Markets

European blue chips climbed 0.36%, the English FTSE 100 rose 0.36% to 5787 and the German DAX edged higher by 0.26% to 6650. 

In Asia, the Japanese Nikkei 225 ticked lower by 0.64% to 9576 and the Chinese Hang Seng slumped 0.86% to 20628.

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