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Stocks mixed ahead of Fed announcement

August 01, 2012|By Andrew Tangel
  • Dermot Bermingham works at his post on the floor of the New York Stock Exchange.
Dermot Bermingham works at his post on the floor of the New York Stock Exchange. (Richard Drew / Associated…)

Stocks gained in early trading Wednesday on Wall Street after a better-than-expected employment report and ahead of a Federal Reserve announcement.

But major U.S. stock indexes lost some ground following a report by the Institute for Supply Management showed manufacturing declined last month.

The Dow Jones industrial average was up 19 points, or 0.2%, to 13,028, about an hour after the opening bell.

The broader Standard & Poor's 500 index was up only 0.5 point, essentially flat at 1,380. The Nasdaq was down 1.6 points, or 0.1%, to 2,938.

Payroll processing firm ADP reported private-sector employment grew by a seasonally adjusted 163,000 from June to July, higher than forecasts.

However, how well the labor market fared last month won't be clear until the Department of Labor releases its monthly employment report on Friday.

Investors, meanwhile, are awaiting any signs of new monetary stimulus from the Federal Reserve, whose Federal Open Market Committee is set to conclude a two-day meeting Wednesday. 

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