Eyes on Greece as stocks shake off oil drop

Greek news remains in focus for U.S. stocks on Wednesday in the absence of significant domestic news.

"The Greek headlines are going to keep moving us around," said Art Hogan, chief market strategist at Wunderlich Securities. "This market is pretty much tied to our perceptions of how close we are to a deal on Greece."

The country's finance minister, Yanis Varoufakis, will meet with other finance ministers of the euro zone on Wednesday. He is expected to propose the creation of a bridge program with creditors in September, the Greek newspaper Ekathimerini reported late on Monday.

Hogan expected a breakthrough or at least a temporary fix from the meeting, both of which would be a positive turn of events.

IHS Global Insight Economist Diego Iscaro said Greece and the euro zone leaders should reach a deal that is "closer to what the EU is proposing rather than what the Greeks are proposing."

On Tuesday, German Finance Minister Wolfgang Schaeuble refuted speculation that the European Commission would be ready to extend Greece's bailout, which expires on Feb. 28

Save for a move by the ECB, Greek government debt will officially cease to be valid collateral for bank loans on Wednesday as well.

"This (discussion) is going to be pushed on and on and on," said Martin Schulz, head of PNC Capital Advisors' International Equity Fund. He said Greece would probably stay in the European Union.

To be sure, Maris Ogg, president at Tower Bridge Advisors, said that Greece's debt issues are several years old and that countries such as Greece and Italy were different enough from Germany that they would be better off economically if they left the European Union.

The once recent driver of U.S. markets, oil only moved the energy sector on Tuesday in the second-straight day that stocks moved opposite to movements in the commodity