S&P SmallCap 600 in Focus: IVAC BBX

Light, sweet crude for July delivery fell $1.57 to $122.74 barrel in morning trading on the New York Mercantile Exchange after earlier falling as low as $121.84. Meanwhile, the Institute for Supply Management said the service sector expanded in May, though at a slower pace than in April.

The S&P SmallCap 600 Index--which tracks stocks with a market capitalization between $300 million and $2 billion--gained 4.47 points, or 1.1 percent, to 394.94 in afternoon trading.

Small-cap companies make up about 3 percent of the total U.S. securities market, but are often cited as good investments due to their low valuations and potential to grow into big-cap stocks.

Shares of Intevac, which makes magnetic components and other electronic devices, jumped $1.28, or 11 percent, to $12.93.

Datascope Corp. gained $4.38, or 10.5 percent, to $46.19. The medical device company said Wednesday it is considering strategic alternatives, including possibly selling itself.

Shares of California-based bank FirstFed Financial Corp. advanced $1.01, or 6.9 percent, to $15.58.

Among the decliners, shares of Florida-based BankAtlantic Bancorp Inc. tumbled 16 cents, or 8.3 percent, to $1.78. Shares surged 11.5 percent on Tuesday.

Shares of bank Wintrust Financial Corp. lost $1.61, or 5.4 percent, to $28.22.

Shares of HMS Holdings Corp., which provides cost recovery services to government health care programs, declined 90 cents, or 4.6 percent.