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U.S. stocks rose today because…

July 3, 2013

U.S. stocks rise article

Summary:

  • U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level in two weeks, on better-than-estimated labor data as investors watched political developments in Egypt and Portugal.

 

  • The S&P 500 (SPX)rose 0.1 percent to 1,615.41, the highest since June 19. The Dow Jones Industrial Average added 56.14 points, or 0.4 percent, to 14,988.55.
  • Jobless claims decreased to 343,000 in the week ended June 29 from a revised 348,000, Separate reports showed companies boosted employment by 188,000 workers in June.
  • President Morsi in Egypt has stepped down, bringing good news to the Egyptian people
  • In Portugal Prime Minister Pedro Passos Coelho told voters in a televised speech from Lisbon yesterday that he’s trying to hold his government together after Foreign Affairs Minister Paulo Portas, leader of junior coalition party CDS, quit.
  • he S&P 500 advanced as technology and consumer-discretionary stocks rose more than 0.5 percent. International Business Machines Corp. added 0.9 percent to $193.25 and Cisco Systems Inc. gained 1.1 percent to $24.59.
  • Financial companies slid 0.3 percent, the most among 10 S&P 500 groupsbanks tumbled after S&P downgraded the credit ratings of Barclays Plc, Deutsche Bank AG and Credit Suisse Group AG, saying new rules and “uncertain market conditions” threaten their business.
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