Wednesday's Shortened Stock Market Session Brings Modest Advance

 | Jul 04, 2013 01:52AM ET

Egyptian coup upstages good news on America’s employment situation, during shortened stock market session on Wednesday.

The overthrow of Mohamed Morsi in Egypt stole attention away from the surprisingly better-than-expected ADP National Employment Report for June. Wednesday’s abbreviated stock market session left no opportunity for a “relief rally” which would have resulted from the reduced threat of Mideast oil supply disruption, which had been spooking global stock markets all week.

ADP reported that 188,000 private sector payroll jobs were added in June, beating expectations for an increase of 165,000 new jobs.

The Dow Jones Industrial Average (DIA) gained 56 points to finish Wednesday’s shortened trading session at 14,988 for a 0.38 percent advance. The S&P 500 (NYSEARCA:SPY) edged upward by 0.08 percent to close at 1,615.

The Nasdaq 100 (QQQ) rose 0.40 percent to finish at 2,941. The Russell 2000 (IWM) advanced 0.16 percent to end the day at 991.

In other major markets, oil (USO) soared 1.79 percent to close at $35.84.

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