Stocks Finished Higher on Greece Hopes, US Data

U.S. stocks closed higher on Wednesday as investors eyed better-than-expected data and remained optimistic on resolution between Greece and its creditors. The Dow Jones Industrial Average rose 138.40 points, or 0.79%, to 17,757.91. The S&P 500 was up 14.31 points, or 0.69%, to 2,077.42. The Nasdaq Composite gained 26.26 points, or 0.53%, to 5,013.12.

Euro zone finance ministers told Prime Minister Alexis Tsipras on Wednesday that they would review his request for a new bailout loan in the light of how Greeks vote on Sunday in the referendum he has called on credit terms.

A defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with EU partners before a referendum on Sunday that may decide Greece’s future in Europe.

Some of the nation’s biggest automakers reported higher U.S. sales in June as consumers continue to opt for SUVs and cross-over models. Nissan reported a 13.3 percent jump in sales, led by a 54 percent increase in sales of the Rogue crossover.

Macy’s is the latest company to end its relationship with Donald Trump as the fallout from the real estate mogul’s remarks about Mexican immigrants continues.

U.S. government-controlled mortgage finance companies Fannie Mae and Freddie Mac on Wednesday disclosed huge pay raises for their chief executive officers, part of a plan sanctioned by their regulator to attract and retain talent.