Midnight Trader | Jul 03, 2013 01:36PM ET
U.S. stocks finished slightly higher in Wednesday's pre-holiday shortened session as concerns about political turmoil in Egypt and Portugal contributed to a defensive tone on exchanges from Europe to the U.S. Early losses in the Dow were mitigated by bullish U.S. data that included a much-better-than-expected gain in ADP payrolls and better-than-expected initial jobless claims.
Data Dump
Wednesday's economic data included June ADP payrolls which rose by a greater than expected 188,000, followed by initial jobless claims for the week ended June 29, which increased a slightly less than expected 343,000 versus estimates of an increase of 345,000. The trade deficit widened to $45.03 billion in May against consensus of a deficit of $40.8 billion. The trade deficit widened 12% from April due to a near record high in imports. The June ISM non-manufacturing index fell to 52.2 from 53.7 the month prior and lower than estimates of an improvement to 54.5.
Overseas, European stocks tumbled and Asian stocks finished Wednesday's session lower following two reports that suggested weak growth in China for the month of June.
In commodities, oil finished sharply higher, up 1% at $100.60 per barrel, boosted by the violent protests overnight in Egypt. Oil futures managed to pass $102 per barrel during Wednesday's session. Gold futures ended slightly higher.
U.S. markets will are closed Thursday, July 4 for Independence Day.
h3 Here's Where The Markets Stood At Day's End/h3 U.S. MARKETS
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