NEW YORK -- U.S. stocks continued to rise on Thursday as Wall Street cheered over the improvement in Greek debt situation.
The Dow Jones Industrial Average increased 38.97 points, or 0. 22 percent, to 18,039.37. The S&P 500 added 3.66 points, or 0.17 percent, to 2,108.86. The Nasdaq Composite Index gained 5.82 points, or 0.11 percent, to 5,082.51.
Greeceis trying to reach a deal with international lenders to address its debt crisisand Greek Prime Minister Alexis Tsipras appeared optimistic about it. Tsipras early Thursday expected that Greece would soon reach a compromise with its international lenders in time to stave off bankruptcy, after the latest round of talks in Brussels.
Tsipras is currently attending a European Union(EU) and Community of Latin American and Caribbean States summit at the EU headquarters in Brussels, where Greece is continuing its talks for a debt deal.
Many analysts believed that Greece would come to a deal with its creditors.
As talks in Brussels continue, pressure for a swift solution increases. Credit rating agency Standard &Poor's late Wednesday downgraded Greece's credit rating further into junk territory to CCC- from CCC+ with a negative outlook.
The agency's experts warned that without an agreement, Greece " will likely default on its commercial debt within the next 12 months."
On the economic front, the U.S. Commerce Department announced Thursday that advance estimate of U.S. retail and food service sales for May were 444.9 billion U.S. dollars, an increase of 1.2 percent from the previous month, and 2.7 percent above May 2014.
In the week ending June 6, the advance figure for seasonally adjusted initial claims was 279,000, slightly above expectations, an increase of 2,000 from the previous week's revised level, the U. S. Labor Department said Thursday.
The CBOE Volatility Index, often referred to as Wall Street's fear gauge, decreased 2.80 percent to end at 12.85 Thursday.
In other markets, oil prices dropped as the Organization of Petroleum Exporting Countries increased their output.
Light, sweet crude for July delivery moved down 66 cents to settle at 60.77 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 59 cents to close at 65.11 dollars a barrel.
The U.S. dollar soared against other major currencies as the country's economic data came out overall positive.
In late New York trading, the euro declined to 1.1264 dollars from 1.1316 dollars in the previous session, while the dollar bought 123.40 Japanese yen, higher than 122.70 yen of the previous session.
Gold futures on the COMEX division of the New York Mercantile Exchange fell as positive U.S. data put pressure on the precious metal.
The most active gold contract for August delivery lost 6.2 dollars, or 0.52 percent, to settle at 1,180.40 dollars per ounce.
