Stocks closed higher on Wednesday even though Greece's debt crisis showed no official signs of resolution. Bobbi Rebell reports.
Hopes of a Greek debt deal lifted stocks. The Financial Times reported that its prime minister was ready to accept a revised deal. Also lifting sentiment: strong economic news. Construction spending rose last month to its highest level in nearly seven years. In June, factory activity rose to a five-month high, and private companies created the most jobs in six months, a sign that the economy is gaining steam. Societe Generale's Aneta Markowska: SOUNDBITE: ANETA MARKOWSKA, U.S. CHIEF ECONOMIST, SOCIETE GENERALE "It's, actually, corroborating what we've seen in the data, generally, which is that, you know, we troughed sometime in late spring, and we're definitely recovering or regaining momentum, as we, sort of, head into the second quarter, and into the summer months. So, it's a very encouraging sign." Oil prices fell on news that crude inventories rose last week for the first time since April. The biggest insurance takeover ever: ACE is buying Chubb for $28.3 billion. The combination will create the world's largest property and casualty insurer. Chubb's shares soared. Strong sales of its Mexican beers boosted Constellation Brands' quarterly profit past analysts' estimates. Shares rose for the company behind the Corona and Modelo labels. Shares of Ford and GM dropped. Both were able to hike vehicle prices this month. But GM's sales fell three percent, and Ford's just rose two percent. Macy's the latest to dump Trump. The department store chain is cutting its business relationship with the developer and presidential candidate. NBC, Univision, and billionaire Carlos Slim have also severed ties. The positive news surrounding Greece boosted European shares.