US stocks jump as prospects improve for Greek deal

New York - Wall Street stocks jumped in opening trade Wednesday after Greece proposed a fresh deal to its creditors and as US data showed private-sector hiring accelerated in June.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 776.78, up 157.27 points (0.89%).

The broad-based S&P 500 rose 16.11 (0.78%) to 2 079.22, while the tech-rich Nasdaq Composite Index gained 44.71 (0.90%) to 5,031.58.

European equity markets surged as the Greek government amended a proposal for a new bailout program to international creditors that appeared to give ground on some key issues. Greece defaulted on a $1.7bn payment due to the International Monetary Fund on Tuesday.

US businesses added 237 000 jobs last month, up from 203 000 in May and the best level since December, according to payroll firm ADP.

The Department of Labor will release its closely-watched US jobs report for June on Thursday.