Wall Street last traded shortered pre open session -- FEC

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Date Posted: 03:02:35 07/05/12 Thu
Author: Tuesday July 3rd 2012
Subject: Wall Street last traded shortered pre open session

US Stocks Climb As Oil Rally Boosts Energy Shares, Factory Orders Rebound
04/07/2012 3:35AM

--Stocks advance, led by energy shares on oil price surge

--European markets higher on hopes of central bank easing

--Factory orders rebound more sharply than expected

--Market closed at 1 p.m. EDT ahead of Independence Day

By Matt Jarzemsky
NEW YORK--U.S. stocks rose in a shortened preholiday session as surging oil prices bolstered energy shares and factory orders rebounded more than expected.

The Dow Jones Industrial Average climbed 72.43 points, or 0.6%, to 12943.82. The Standard & Poor's 500-stock index added 8.51 points, or 0.6%, to 1374.02. The Nasdaq Composite rose 24.85 points, or 0.8%, to 2976.08.

Energy shares led advances in six of the S&P 500's 10 sectors as oil prices rallied on revived tensions over the Iranian nuclear program and renewed speculation about more central-bank easing. Natural gas and oil producer EOG Resources jumped 6.7%, while drilling contractor Helmerich & Payne rose 5.8%, among the index's biggest advances.

"The driver is definitely energy stocks," said Stephen Guilfoyle, U.S. economist at New York brokerage Meridian Equity Partners. "A couple things happening in that space are pushing oil higher and taking energy shares with it."

Expectations for stimulus from the European Central Bank, which meets Thursday, likely were leading to some stock buying, he added.

Stocks extended gains after the Commerce Department reported orders for manufactured goods rose 0.7% in May, topping economists' average projection for a 0.1% increase, according to a Dow Jones Newswires poll. April's reading, though, was revised to a sharper decline than initially reported.

"Factory orders looked a little bit better," said Daniel Morgan, senior portfolio manager at Synovus Trust, which oversees $9.1 billion. "No bad news is good news, and you haven't got a lot of participants in the market, with the early close."

Consumer discretionary shares lagged behind after Redbook Research's national chain store sales reading for May was lower than forecast. The International Council of Shopping Centers trimmed its monthly forecast for retail chain store sales as it and Goldman Sachs reported such sales edged up 0.2% in the week ended Saturday. Home Depot dropped, pacing declines among Dow components.

The stock market closed at 1 p.m. EDT ahead of Wednesday's Independence Day holiday.

In Europe, the Stoxx Europe 600 jumped 1% on continued hopes that the European Central Bank will cut its key interest rate. Adding to investor expectations, May producer prices in the euro zone were up 2.3% from the same month a year ago, the smallest year-over-year increase since March 2010. Inflation is typically a concern for central bankers looking to cut rates.

Spain's IBEX 35 index rose 1.3% as jobless claims in the country fell 2.1% in June, the third consecutive monthly drop.

Asian markets were mostly higher, with Japan's Nikkei Stock Average rising 0.7% and China's Shanghai Composite adding 0.1%. Australia's S&P ASX 200 eased 0.1%, after the country's central bank left its key interest rate unchanged.

Gold futures rose 1.6% to $1,622.60 an ounce. The dollar eased against the euro but rose versus the yen.

In the corporate arena, General Motors jumped 5.6% after reporting U.S. auto sales rose 16%, more than expected, as each of its brands posted a double-digit increase in sales. Ford rose 2.2% after reporting a 7% increase of sales.

U.S.-listed shares of Barclays fell 2.1%. The U.K. banking giant's chief executive, Robert Diamond, resigned as a result of an interest-rate manipulation scandal.

M*Modal jumped 8.4% after maker of voice-recognition software for the medical industry agreed to be acquired by J.P. Morgan Chase's private-equity arm for about $820 million.

Rosetta Resources gained 7.8% after S&P Dow Jones Indices said it would add the oil and gas production company's stock to the S&P MidCap 400 index to replace Catalyst Health Solutions, which is being acquired by SXC Health Solutions.

Wal-Mart rose 2% to close at an all-time high of $70.75, extending this year's rally for the retailer.

Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com

(END) Dow Jones Newswires

July 03, 2012 13:35 ET (17:35 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Previous Stories
04/07/2012 3:06AM Nasdaq Jumps 24.85 (0.84%) To 2976.08; Energy, Materials Pace Sector Gains (headline only)
04/07/2012 3:05AM DJIA Adds 72.43 (0.56%) To 12943.82, Led By Alcoa, Caterpillar (headline only)

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