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U.S. stocks open sharply higher to kick off July trading

Xinhua, July 1, 2015 Adjust font size:

U.S. stocks opened sharply higher on Wednesday as investors were boosted by better-than-expected job data while digesting the latest developments in Greece.

U.S. Private sector employment increased by 237,000 jobs from May to June, beating market expectations of 220,000, according to the June ADP National Employment Report released Wednesday.

The Greek government revealed on Wednesday its latest proposal for a debt deal with creditors to stave off a default and Grexit in coming weeks.

It dismissed media reports claiming the government fully accepts lenders' offer ahead of a crucial Eurogroup teleconference rescheduled for Wednesday evening.

Athens' draft deal, which was submitted as Greece was declared in arrears to the International Monetary Fund (IMF) on Tuesday midnight, sought a new two-year loan to deal with financing problems through the European Stability Mechanism (ESM), and requested a further restructuring of Greek debt.

Meanwhile, German Chancellor Angela Merkel said on Wednesday that there would be no negotiation over a new bailout program to Greece before the country's referendum on Sunday, though the door for talks remained open.

Shortly after the opening bell, the Dow Jones Industrial Average added 169.50 points, or 0.96 percent, to 17,789.01. The S&P 500 gained 18.36 points, or 0.89 percent, to 2,081.47. The Nasdaq Composite Index jumped 51.06 points, or 1.02 percent, to 5,037.93. Endi