NEW YORK (
) -- Transportation stocks helped the market book modest gains Wednesday as investors put global jitters on the backburner and looked ahead to a key jobs report and the start of earnings season.
Dow Jones Industrial Average
finished ahead by 56 points, or 0.4%, at 12,626. The
gained 1 point, or 0.1%, 1339, and the
climbed up 8 points, or 0.3%, at 2834.
The gains allowed the broad market to build on last week's huge rally, which coincided with both the end of the calendar second quarter and the month of June. All three major indexes rose more than 5% last week, providing the majority of their year-to-date appreciation.
Within the transportation sector, freight carrier
climbed up 11% to $26.90 while container company
(SSW - Get Report)
gained 4% to $15.58. Trucking and logistics company
added 6% to $41.87 after restoring employee benefits.
Breadth was positive within the Dow with 19 of the blue-chip index's 30 components moving higher.
(DD - Get Report)
showed the strongest gains, while
Bank of America
were the biggest laggards.
Stocks were under selling pressure from abroad early following news that China's central bank
had decided to raise key interest rates by 0.25%
in an effort to rein in inflation.
Adding to global growth jitters, Moody's downgraded Portugal's government debt to junk status yesterday. Also, hopes that private bondholders might participate in Greece's bailout faded after
The Wall Street Journal
reported that European banks, contrary to expectations, have already sold a significant amount of Greek bonds.
International markets weakened with the FTSE in London slipping 0.4%, and the DAX in Frankfurt shedding 0.1%. Hong Kong's Hang Seng declined 1% while Japan's Nikkei gained 1.1%.
In U.S. economic news, a slip in activity within the services sector for June was a disappointment. The Institute for Supply Management's non-manufacturing index fell to a reading of 53.3, from May's level of 54.6. Economists had been looking for a stronger reading of 54 in June, according to Briefing.com.
Still ahead is the June employment report set for release on Friday. The Labor Department is expected to report that the economy added 80,000 jobs in June after adding only 54,000 in May. The unemployment rate is projected to remain unchanged at 9.1%, according to
August gold futures gained $17 at $1,530 an ounce.
August crude oil contract
shed 24 cents to trade at $96.65 a barrel.
The benchmark 10-year Treasury rose 6/32, diluting the yield to 3.101%.The greenback strengthened against a basket of currencies, with the dollar index up by 0.6%.