Michael Kors Hurts Luxury Goods Brands; Greece Deal Inches Forward

Stocks rebounded in midday trading Wednesday from a selloff yesterday with the healthcare and technology sectors leading the way. Gains on Wall Street were fortified by a rally in Europe on news Greece could be close to sealing a deal with its European creditors. The two parties are reportedly at the stage of drafting a technical-level agreement for further debt relief. Tiffany (TIF) was boosting the S&P 500 after satisfying quarterly estimates. Hormel Foods (HRL) jumped after acquiring organic brand Applegate for $775 million. The deal is expected to contribute $0.07 to $0.08 in earnings per share by next year.