U.S. stocks edge higher as investors eye potential Greece deal
U.S stocks ended modestly higher on Wednesday as investors were watching the debt talks in Greece, hoping to get a deal done, Xinhua reported.
The Dow Jones industrial average added 5.75 points, or 0.04 percent, at 12,883.95. The Standard & Poor's 500 gained 2.91 points, or 0.22 percent, to 1,349.96. The Nasdaq Composite Index rose 11.78 points, or 0.41 percent, to 2,915.86.
Deadlines were pushed back again and again as Greek politicians were negotiating with both the European Union and International Monetary Fund over more fiscal reforms, prompting warnings that the region can live without Greece.
Most investors were still hoping a deal would be reached at last minute to avoid a disastrous default, but as the talks dragged on, concerns were mounting that a disorderly Greek debt default would drag the region deeper into recession and dampen the U.S. recovery.
On earnings front, Walt Disney released quarterly revenue which fell short of expectations, but its profit grew faster than expected as its TV networks and theme parks held strong despite the weak economy.
Investors were also awaiting the result from the computer networking giant Cisco, which may set the tone for the market for the next day.