US stocks traded higher in volatile trade at midday Wednesday, as investors considered better-than-expected U.S. data and the latest developments between Greece and its creditors. Investors remained optimistic of a deal for Greece despite Prime Minister Alexis Tsipras' statements that the country will proceed with the referendum on Sunday. The Eurogroup of regional finance ministers concluded a conference telephone call Wednesday on Greece's latest proposal. Greece became the first advanced nation to default on the International Monetary Fund (IMF) when it failed to make a $1.66 billion payment to the IMF late Tuesday. In U.S. economic news, the private sector added more jobs than expected in June, manufacturing growth accelerated for a second month in June, and construction spending rose to a nearly 7-year high in May. The U.S. dollar advanced against major world currencies in mid-session trade. West Texas Intermediate (WTI) crude futures fell about $1.75 to below $57.75 a barrel in early-afternoon trade on the New York Mercantile Exchange. Gold futures fell more than $2 to below $1,170 an ounce. European stocks surged on renewed hopes of a Greece deal. Asian stocks excluding mainland China gained on news of Greek default, but the Shanghai composite fell more than 5 percent. The Dow Jones industrial average was up 0.5 percent in early-afternoon trade on Wall Street. The index jumped about 1 percent as trading opened on optimism for a Greece deal. The broader Standard & Poor's 500 index gained 0.4 percent, with financials the strongest sector. The technology-heavy Nasdaq composite index rose 0.3 percent.
