Roundup: U.S. stocks extend gains on upbeat data

U.S. stocks continued advance on Wednesday, as investors were encouraged by positive economic data while digesting the latest developments in Greece.

The Dow Jones Industrial Average jumped 138.40 points, or 0.79 percent, to 17,757.91. The S&P 500 gained 14.31 points, or 0.69 percent, to 2,077.42. The Nasdaq Composite Index was up 26.26 points, or 0.53 percent, to 5,013.12.

U.S. private sector employment added 237,000 jobs from May to June, beating market expectations of 220,000, according to the June ADP National Employment Report released Wednesday. The ADP figure is watch closely as a pre-indicator for the nonfarm payrolls report due Thursday.

Meanwhile, the June manufacturing Purchasing Manager's Index ( PMI) registered 53.5 percent, an increase of 0.7 percentage point over the May reading of 52.8 percent, slightly above market estimates, said the Institute Supply Management (ISM) in its monthly survey. A reading above 50 indicates growth, while a reading below 50 suggests contraction.

"In the near future, manufacturing is likely to continue to mirror the dollar's relative value to our trading partners, the euro being the most important. For real-time updates on the health of the manufacturing sector, keep an eye on the EUR/USD exchange rate," said Jay Morelock, an economist at FTN Financial, in a note.

In Europe, the latest emergency Eurogroup talks on the long- anticipated Greek debt deal ended fruitless on Wednesday afternoon with creditors telling Athens that discussions would resume after Sunday's referendum on whether to accept the stringent offers made by institutions last week.

Greek Finance Minister Yanis Varoufakis released shortly afterwards a statement presenting the leftist government's arguments for a "No" vote.

Without a bailout safety net as from Tuesday at midnight, Greece is in arrears status to the International Monetary Fund. Its banks have been shut and capital controls in place since Monday.

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

In corporate news, General Motors Company's shares fell 0.87 percent to 33.04 U.S. dollars apiece on Wednesday after the car maker reported a 3-percent decline in its total sales for the month of June.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, fell 11.74 percent to end at 16.09 Wednesday.

In other markets, oil price plummeted Wednesday after government data showed that U.S. inventories rose unexpectedly last week.

The U.S. benchmark, West Texas Intermediate for August delivery moved down 2.51 dollars to settle at 56.96 dollars a barrel on the New York Mercantile Exchange. The global benchmark, Brent crude for August delivery decreased 1.58 dollars to close at 62.01 dollars a barrel on the London ICE Future Exchange.

The U.S. dollar soared against other major currencies on Wednesday as positive jobs data from the country pointed to stronger U.S. economy.

In late New York trading, the euro fell to 1.1048 dollars from 1.1144 dollars in the previous session, while the dollar bought 123.18 Japanese yen, higher than 122.33 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar's strength offset investors' fears over the Greek default.

The most active gold contract for August delivery dropped 2.5 dollars, or 0.21 percent, to settle at 1,169.30 dollars per ounce. Endite