Stocks jump as progress reported on Greece
U.S. stocks surged on Wednesday, with the Dow Jones Industrial Average back in positive terrain for the year, on optimism about talks between Greece and its creditors.
Bonds declined, with the 10-year Treasury yield rising to October highs.
Already gaining, equities spiked after Bloomberg News cited two people familiar with Germany's stance as saying Chancellor Angela Merkel's government could be appeased by Greece committing to at lease one reform pushed by creditors.
The Bloomberg report "caused the market to hit its highs of the day," emailed Peter Boockvar, chief market analyst at the Lindsey Group.
Greece is working to avoid a default.
Rising for the first time in five days, the Dow industrials (DJI) were up 255 points, or 1.4 percent, at 18,014 in late-morning trading, with all 30 blue-chip components rising, led by Intel (INTC), up 2.8 percent.
The S&P 500 Index (SPX) rose 25 points, or 1.2 percent, to 2,105, and the Nasdaq Composite (COMP) climbed 63 points, or 1.3 percent, to 5,078.