Stock market shrugs off weak service sector report
The Dow rose 56 points, the S&P 500 gained 1 point, and the Nasdaq closed 8 points higher. Financial companies suffered from Moody's downgrade of Portugal's credit rating on Tuesday.
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The Institute for Supply Management reported Wednesday that business growth slowed at U.S. service providers in June. Financial companies and health care providers reported the weakest results.
The Dow Jones industrial average rose 56 points, or 0.4 percent, to close at 12,626.
The S&P 500 index rose 1 point to 1,339.
The Nasdaq added 8 points, or 0.3 percent, to 2,834.
Financial companies fell sharply after Moody's lowered Portugal's credit rating to "junk" status late Tuesday. That raised fresh concerns about banks' exposure to possible bond defaults and the European financial system.
Four stocks rose for every three that fell on the New York Exchange. Trading volume was light at 3.3 billion shares.