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U.S stocks end higher but pare gains on Fed uncertainty; Dow rises 0.44%

Stock Markets Jul 01, 2013 04:30PM ET
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Investing.com - U.S. stocks rose on Monday after manufacturing data beat expectations though lingering uncertainty as to when the Federal Reserve will scale back its USD85 billion monthly asset purchasing programs trimmed earlier gains.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.44%, the S&P 500 index ended up 0.54%, while the Nasdaq Composite index rose 0.92%.

Data released earlier painted a picture of a U.S. economy that is on the mend though still battling uncertainty.

The Institute for Supply Management said its manufacturing purchasing managers’ index rose to 50.9 from 49.0 in May, above expectations for a reading of 50.5.

However, the report added that the employment index declined to 48.7 from 50.1 in May, falling below the 50 level that separates contraction from growth for the first time since September 2009.

The numbers sparked some unease ahead of the release of Friday’s U.S. nonfarm payrolls data, which could provide the market with a weather vane as to when the Federal Reserve begins to taper its dollar-weakening stimulus measures, which tend to boost prices by keeping interest rates low across the economy.

Such concerns sent stocks falling from earlier highs though indices finished higher on sentiments the economy continues to improve.

Leading Dow Jones Industrial Average performers included United Technologies, up 1.94%, The Travelers Companies, up 1.53%, and Procter & Gamble, up 1.34%.

The Dow Jones Industrial Average's worst performers included Intel, down 1.40%, Pfizer, down 0.82%, and JPMorgan Chase, down 0.55%.

European indices, meanwhile, finished higher

After the close of European trade, the EURO STOXX 50 rise 0.77%, France's CAC 40 rose 0.76%, while Germany's DAX 30 finished up 0.31%. Meanwhile, in the U.K. the FTSE 100 finished up 1.49%.










U.S stocks end higher but pare gains on Fed uncertainty; Dow rises 0.44%
 

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