12,578.95 +96.88 +0.78%
By: JeeYeon Park
CNBC.com Writer
Stocks closed near highs of the session Wednesday with the S&P finishing at its highest level since July 2011, buoyed by an optimistic report on Greece, which added fuel to an earlier rally after a better-than-expected housing market report.
The Dow Jones Industrial Average rose 96.88 points, or 0.78 percent to close at 12,578.95, led by BofA [BAC 6.80 0.32 (+4.94%) ] and JPMorgan [JPM 36.54 1.63 (+4.67%) ].
The S&P 500 rallied 14.37 points, or 1.11 percent to finish at 1,308.04, above the psychologically-important 1,300 mark for the first time since July 28, 2011. The Nasdaq jumped 41.63 points, or 1.53 percent to end at 2,769.71.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, tumbled below 21.
Most S&P sectors ended higher, led by techs and bankswhile utilities lagged.
Stocks added to gains after a report that the debt-ridden nation may reach an agreement with its private creditors by the end of the week.
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There are bullish signs all over. My prediction is that the DOW will end the year at around 14,000, and those who sit on the sidelines out of fear will be sorry!
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