Greece-deal draft gives stocks mild gains

U.S. stocks ended with mild gains Wednesday after a news report that Greece had drafted a new financing deal with the European Union and International Monetary Fund.

"The issue we've been dealing with for weeks is: When do we get something signed, sealed and delivered?" David Kelly, chief market strategist at JPMorgan Funds, said of the market's muted reaction. "We continue to get assured by people in Europe that a deal will get done, so to some extend a deal is already priced into the market."

Greece will commit to permanent spending cuts that include reduced pension payments and a 20 percent cut in the minimum wage, according to a letter of intent obtained by Bloomberg News.

After veering between gains and losses, the Dow Jones industrial average finished with a 5.75-point gain at 12,883.95. The Standard & Poor's 500 index added 2.91 points, to 1,349.96. The Nasdaq composite index rose 11.78 points to 2,915.86.

The euro erased a gain versus the dollar to trade nearly unchanged at $1.3262 on concern that Greek Prime Minister Lucas Papademos and coalition party leaders might not come to terms necessary for another round of rescue funds.