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Portugal Notwithstanding, Dow Closes Up

Published 07/03/2013, 01:36 PM
Updated 07/09/2023, 06:31 AM

U.S. stocks finished slightly higher in Wednesday's pre-holiday shortened session as concerns about political turmoil in Egypt and Portugal contributed to a defensive tone on exchanges from Europe to the U.S. Early losses in the Dow were mitigated by bullish U.S. data that included a much-better-than-expected gain in ADP payrolls and better-than-expected initial jobless claims.

Data Dump
Wednesday's economic data included June ADP payrolls which rose by a greater than expected 188,000, followed by initial jobless claims for the week ended June 29, which increased a slightly less than expected 343,000 versus estimates of an increase of 345,000. The trade deficit widened to $45.03 billion in May against consensus of a deficit of $40.8 billion. The trade deficit widened 12% from April due to a near record high in imports. The June ISM non-manufacturing index fell to 52.2 from 53.7 the month prior and lower than estimates of an improvement to 54.5.

Overseas, European stocks tumbled and Asian stocks finished Wednesday's session lower following two reports that suggested weak growth in China for the month of June.

In commodities, oil finished sharply higher, up 1% at $100.60 per barrel, boosted by the violent protests overnight in Egypt. Oil futures managed to pass $102 per barrel during Wednesday's session. Gold futures ended slightly higher.

U.S. markets will are closed Thursday, July 4 for Independence Day.

Here's Where The Markets Stood At Day's End

  • Dow Jones Industrial Index up 0.38%
  • S&P 500 up 0.08%
  • Nasdaq Composite Index up 0.30%
  • FTSE 100 (UK:UKX) was down 97.29 (-1.55%) to 6,206.44
  • DAX (DX:DAX) was down 112.95 (-1.43%) to 7,797.82
  • CAC 40 (FR:PX1) was down 53.72 (-1.44%) to 3,688.85
  • Nikkei 225 (TYO: JP:100000018) was down 43.18 (-0.31%) to 14,055.56
  • Hang Seng Index (HSI: HK:HSI) was down 511.34 (-2.48%) to 20,147.31
  • Shanghai China Composite Index (SHA: CN:000001) was down 12.29 (-0.61%) to 1,994.27
  • (+) ONP up 37% but off day highs. The SEC closed its investigation of China's Orient Paper with no enforcement action.
  • (+) GRPN up 2.1% to near 52 week highs, Initiated a Buy from Wunderlich with an $11 price target.
  • (+) UNTK up 33% but off day highs, The company received a $75 million asset-based revolving credit facility.
  • (-) MJN down 8%. Shares continued to fall amid investigation by China of price-fixing as well as downgrades by Wells Fargo and Goldman Sachs.
  • (-) AA down 1.15% and hit 52 week lows. Stock price declined following a downgrade by JP Morgan to Neutral.
  • (-) RHI down 5%. Staffing company shares weakened as employer mandate part of healthcare reform is pushed to 2015
After Hours Stock News From Midnight Trader.

Copyright © 2013 MT Newswires, a Division of MidnightTrader, Inc.

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