U.S. stocks extend gains on Greece bailout, rising oil

U.S. stocks traded higher in the morning session on Wednesday, as investors assessed a new bailout deal for Greece and rising oil prices.

At midday, the Dow Jones Industrial Average was up 156.89 points, or 0.89 percent, to 17,862.94. The S&P 500 gained 14.04 points, or 0.68 percent, to 2,090.10. The Nasdaq Composite Index rose 27.92 points, or 0.57 percent, to 4,888.98.

Finance ministers of the 19-country eurozone have hammered out a deal in Brussels with Greece early Wednesday after an 11-hour-meeting to which is described as a "major breakthrough" to start debt relief and unlock over 10 billion euros bailout cash for Greece.

Oil prices were also in focus. U.S. crude oil prices came off highs but still traded higher around midday Wednesday.

Meanwhile, investors tried to shake off worries that the possibility of a June rate hike becomes higher after the release of the Federal Reserve's hawkish minutes from its April meeting, but the latest speech from Fed officials indicated a hike sooner rather than later.

St. Louis Fed President James Bullard told CNBC overnight that a U.S. Federal Reserve rate hike in June or July wasn't set in stone, but labor data suggested it was time to pull the trigger.

U.S. stocks ended more than 1 percent higher Tuesday, following sharp gains in European equities, as Wall Street cheered upbeat economic data and quarterly earnings report. Enditem