Post date: Jul 03, 2013 6:14:43 PM
U.S. stocks post modest gains in a holiday-shortened volatile session. Recording star Usher helps rings the New York Stock Exchange bell to promote the upcoming Macy's 4th of July fireworks display.
NEW YORK CITY, NEW YORK, UNITED STATES (JULY 3, 2013) (NYSE) - U.S. stocks ended slightly higher in a volatile half-day session on Wednesday (July 3) as traders squared positions before the American 4th of July holiday and Friday's (July 5) job market data.
The three major U.S. stock indexes seesawed on thin trading volume, with some market participants already away before Thursday's Independence Day holiday. The U.S. stock market closed at 1 p.m. EDT (1700 GMT) on Wednesday. It will reopen on Friday for a full session.On hand at the New York Stock Exchange to mark the end of trading was recording star Usher. The singer and representatives of Macy's rang the closing bell to promote Thursday's Macy's 4th of July Fireworks display, an annual event in New York.
Macy's says Usher will 'curate' the annual extravaganza, which will feature music by today's stars like Rihanna, Kelly Clarkson, as well as from musicians from the past like Jimi Hendrix, Frank Sinatra and Sam Cooke.
Mixed U.S. data on Wednesday failed to give the market solid direction. Private-sector employers stepped up hiring in June and weekly jobless claims fell, but the growth rate in the services sector slowed in June and the U.S. trade deficit widened on a drop in exports.
About 3.37 billion shares exchanged hands on the New York Stock Exchange, the Nasdaq and NYSE MKT. The full trading-day average volume has been about 6.4 billion so far this year.
Nonfarm payrolls for June are expected to have gained 165,000 last month, according to a Reuters survey of economists.
Equities in Europe and Asia were pressured by signs of slowing growth in China and deepening political turmoil in Portugal, where talks over the government's future threatened to reignite the euro-zone crisis.
The Dow Jones industrial average rose 56.14 points or 0.38 percent, to end at 14,988.55. The S&P 500 gained 1.33 points or 0.08 percent, to finish at 1,615.41. The Nasdaq Composite added 10.27 points or 0.30 percent, to close at 3,443.67.
The S&P 500 is down 3.2 percent from its May 21 record closing high of 1,669.16. The benchmark index has been unable to close above its 50-day moving average since June 20.
Large-cap tech stocks were among the strongest of the day, helping the Nasdaq. Cisco Systems rose 1.1 percent to $24.59 (USD) while Oracle Corp gained 2 percent to $30.70.