U.S. stocks tick up on upbeat data

U.S. stocks traded higher in the morning session on Wednesday, as investor sentiment was boosted by better-than-expected economic data.

At midday, the Dow Jones Industrial Average added 81.48 points, or 0.45 percent, to 18,093.42. The S&P 500 gained 4.87 points, or 0.23 percent, to 2,114.47. The Nasdaq Composite Index advanced 24. 27 points, or 0.48 percent, to 5,100.79.

U.S. international trade deficit in goods and services decreased from 50.6 billion U.S. dollars in March to 40.9 billion dollars in April, well above market expectations, as exports increased and imports decreased, said the Department of Commerce Wednesday.

Meanwhile, private sector employment increased by 201,000 jobs from April to May, the most in four months and slightly above estimates, according to the May ADP National Employment Report released on Wednesday.

The ADP figure is seen as a pre-indicator for the highly- focused nonfarm-payrolls report due on Friday.

"The payroll trend reversed course in Q4 2014, the same time oil prices and the dollar began their respective moves. With the trade balance back to normal and weather a non-issue, it seems the economy has shifted to a lower gear and will be producing fewer jobs this year than the robust levels witnessed in 2014," said Chris Low, chief economist at FTN Financial, in a note.

Overseas, the Organization for Economic Cooperation and Development (OECD) on Wednesday predicted lower global growth this year on weak investment which may taint a sustainable growth outlook.

The Economic Outlook report projected the world economy would grow by 3.1 percent this year and by 3.8 percent in 2016, down from an initial forecast of 3.6 percent and 3.9 percent respectively due to "unexpected weakness seen in the first quarter of 2015."

Greece remains in focus ahead of the looming June 5 deadline for the repayment of the next loan installment to the International Monetary Fund. Endite