Stock indexes managed slight gains Wednesday as investors shrugged off slower growth in the U.S. service sector.
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. On the positive side, June marked the 19th consecutive month of growth at service companies, which employ the majority of American workers.
Major banks fell sharply after Moody's lowered Portugal's credit rating to "junk" status late Tuesday.
The Dow Jones industrial average rose 56.15, or 0.4 percent, to close at 12,626.02.
The Standard & Poor's 500 rose 1.34, or less than 0.1 percent, to 1,339.22.
The Nasdaq composite index rose 8.25, or 0.3 percent, to 2,834.02.
For the week:
The Dow is up 43.25, or 0.3 percent.
The S&P is down 0.45, or 0.03 percent.
The Nasdaq is up 17.99 points, or 0.6 percent.
For the year to date:
The Dow is up 1,048.15, or 9.1 percent.
The S&P is up 81.58, or 6.5 percent.
The Nasdaq is up 181.15 points, or 6.8 percent.
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