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Stocks up on oil despite jobs report

by Survivor University

Published July 01, 2009 |

U.S. stocks were higher as oil and commodity prices rose, benefiting shares of natural resource companies despite the ADP employment report showed a worse-than-expected 473,000 private sector jobs were cut in June.

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Survivor Spin: The jobs reports aren't getting any better, although they aren't getting any worse either. At some point, for this bear market rally to hold, job losses must stop and job creation must begin.

NEW YORK - Stocks pared gains on Wednesday after the ADP employment report showed a worse-than-expected 473,000 private sector jobs were cut in June.

U.S. stocks were higher as oil and commodity prices rose, benefiting shares of natural resource companies.

The Dow Jones industrial average .DJI added 54.42 points, or 0.64 percent, to 8,501.42. The Standard & Poor's 500 Index .SPX rose 4.87 points, or 0.53 percent, to 924.19. The Nasdaq Composite Index .IXIC gained 10.13 points, or 0.55 percent, to 1,845.17.

Source: Reuters

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