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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.

By David K. Randall, Matthew CraftAssociated Press / July 6, 2011

In this June 22, 2011 file photo, trader John Panin, center, works on the floor of the New York Stock Exchange. Global stock markets were mostly lower Wednesday, July 6, 2011, as investors focused attention on Europe's debt crisis as bankers worked out how they would contribute to a rescue for debt-riddled Greece.

Richard Drew / AP / File

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NEW YORK (AP) — Stock indexes managed slight gains as investors shrugged off slower growth in the U.S. service sector.

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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.