Wall Street capped a shortened trading week with a mixed finish Thursday 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 Thursday 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 to 11,288.54.
Microsoft, one of the 30 Dow stocks, added 10 cents to close at $25.98 a share. Boeing, also a Dow stock, gained 57 cents to $64.47.
Broader stock indicators ended mixed. The Standard & Poor’s 500 index rose 1.38 to 1,262.90, and the Nasdaq composite index fell 6.08 to 2,245.38.
Most Read Business Stories
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- Boeing CEO gave up millions in pay; here's what he and other top execs earned
- Amazon's telehealth arm quietly expands to 21 more states
- Alaska Native group, Neiman Marcus settle lawsuit over coat
The stock market closed three hours early ahead of the Fourth of July holiday.
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 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.
Christopher Molumphy, chief investment officer at Franklin Templeton fixed-income group, said the employment figures don’t point to a labor market in distress. “We are not seeing data that would be consistent with recessionary conditions,” he said.
Molumphy also said the session’s somewhat skewed trading was typical of a shortened session ahead of a holiday. Trading ended at 1 p.m. Eastern time, and the market is closed today for the Fourth of July.
“We try not to overanalyze some of the moves, because I think you can easily do that,” he said.