Daily Market Wrap: July 5, 2012 Thursday, July 5, 4:25 PM ET
Better than expected jobs data helped stocks pare their losses, after a weak open this morning.
Private companies added 176,000 positions in June, according to the ADP National Employment Report. Economists were expecting a gain of 105,000 jobs.
Meanwhile, the Labor Department is reporting a drop of 14,000 in weekly jobless claims to a seasonally adjusted 374,000, marking a 6-week low.
Layoffs hit a 13 month low in June, according to consultants Challenger, Gray and Christmas.
M) and Costco (NASDAQ: COST) were among the many retailers which posted disappointing same-store sales last month, as concerns over jobs and the economy kept consumers from spending.
Tomorrow, we'll bring you the government non-farm payroll report. Economists are looking for a gain of 90,000 in June.
For MarketNewsVideo.com, I'm Sayoko Murase.
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Daily Market Wrap: July 5, 2012
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