Wall Street capped a shortened trading week with a mixed finish today after some uneven economic data: news of a contraction in the nation's...
NEW YORK — Wall Street capped a shortened trading week with a mixed finish today after some uneven economic data: news of a contraction in the nation’s services sector and a tame reading on employment.
The Dow Jones industrial average rose 73.03, or 0.65 percent, to 11,288.54.
Broader stock indicators ended mixed. The Standard & Poor’s 500 index rose 1.38, or 0.11 percent, to 1,262.90, and the Nasdaq composite index fell 6.08, or 0.27 percent, to 2,245.38.
The stock market closed three hours early ahead of the Fourth of July holiday.
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The Institute for Supply Management said its index of service sector activity fell to 48.2 from 51.7 in May. That news touched off more misgivings about the well-being of the economy.
The look at the service sector follows a largely as-expected report from the Labor Department, which said the nation’s unemployment rate held steady at 5.5 percent last month. The government also reported that 62,000 jobs were lost in June, but that number was close to economists’ forecasts.
The jobs report appeared to assuage some worries that the snapshot of the labor market would be more grim. Employment numbers are critical because consumers who are out of work or are nervous about losing their job are likely to cut their spending. They’ve already become cautious because of higher food and energy prices.
Inflation concerns remained as the price of oil neared $146 for the first time. Light, sweet crude rose 6 cents to $143.63 a barrel on the New York Mercantile Exchange but earlier rose as high as $145.85.
Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.98 percent from 3.96 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices fell.