Anheuser-Busch InBev completed the purchase of the half of Modelo that it didn’t already own in a deal valued around $20 billion.

Alson on the M&A front, Constellation Brands surged to lead the S&P 500 gainers after the company bought the remaining 50 percent of Crown Imports.

Results of the EU summit trumped a batch of tepid economic news. Consumer sentiment dipped to its lowest level this year , while consumer spending was flat in May for the first time in five months .

The pace of business activity in the Midwest edged up in June, according to the Institute for Supply Management-Chicago's business barometer.

“These reports are more of a psychological indicator that reflects the mood during the survey and doesn’t reflect the future,” said Dwight Johnston, chief economist at California Credit Union League.

Johnston says the economy may be “close to a bottom” and expects consumers to be more active, business spending to grow and hiring to ramp up going forward. He predicts growth of between 2.5 and 3 percent in the second half of the year, barring any overly negative news from the euro zone.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC )

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