NEW YORK — Encouraging economic news pushed stocks higher Wednesday, although a slump in energy companies and utilities kept broader gains in check.
Stocks climbed from the start of trading on news that U.S. exports rose in April and that hiring picked up in May. The buying followed a rise in overseas markets on hopes of a breakthrough in Greece’s talks with its creditors.
By the end of the day, seven of 10 industry groups in the Standard and Poor’s 500 index rose. Utility stocks dropped 1.4 percent and energy companies fell 0.7 percent, along with the price of oil.
The S&P 500 edged up 4.47 points, or 0.2 percent, to 2,114.07. The Dow Jones industrial average rose 64.33 points, or 0.36 percent, to end at 18,076.27. The Nasdaq composite climbed 22.71 points, or 0.5 percent, to 5,099.23.
The Federal Reserve said that a survey of business conditions showed that manufacturing held steady or increased in most parts of the country. A separate report from the Institute for Supply Management showed U.S. service firms grew in May at the slowest pace in a year. But any reading over 50 indicates that service firms are expanding.
Investors are eager for signs that U.S. growth is picking up, but not so much that the Fed will feel compelled to raise interest rates too fast and send stocks down sharply.
Colleen S. Supran, principal at investment firm Bingham, Osborn & Scarborough, said Wednesday’s reports seemed to strike a sort of Goldilocks’ balance of hot, but not too hot.
“It’s not so robust that anyone can come out and say, ‘The Fed has got to raise rates,’ ” she said. “Everything is just good enough.”
Investors were keeping an eye on Greece. The country’s prime minister is trying to persuade creditors to accept a proposal that could unlock much-delayed bailout loans, but he’s running out of time.
Greece has to make a payment of more than $333 million to the International Monetary Fund on Friday then make a series of payments in the coming months. If it fails to repay past loans and get new ones, Greece may have to exit from the euro, a development that could roil the 19-country eurozone.
“The consensus is that they’ll meet the June 5 payment … but the concern is they’ll struggle mightily to meet their July payment,” said JJ Kinahan, chief strategist at TD Ameritrade. “The market is taking one payment at a time, but this continues to loom as a major point of concern.”
