US STOCKS shake off global worries (03.07.2013)

U.S. investors were resilient in the face of renewed global worries Wednesday.

The Dow Jones industrial average, the S&P 500 and the Nasdaq ended up between 0.1 % and 0.3%.

Renewed political instability in Europe, violent clashes in Egypt and concerns about rising oil prices caused global markets to falter.

Oil prices topped $100 a barrel, the highest levels in more than a year, on fears that problems in Egypt could spread beyond its borders.

Oil prices got an added boost after a U.S. government report confirmed that crude-oil supplies fell much more than expected last week.

The U.S. Energy Information Administration on Wednesday reported that supplies dropped by 10.3 million barrels for the week ended June 28. Analysts were looking for a 3 million-barrel decline.

The American Petroleum Institute late Tuesday reported a drop of more than 9 million barrels in stockpiles.

Before the bell data showed the US private sector added more jobs than expected in June. The ADP employment report printed a 188K gain in June, against the 160K expected.

The Commerce Department has informed that the trade deficit expanded to $45.03 billion during May from $40.15 billion in the previous month (revised). The print also missed the median at $40.10 billion.

Later data showed the US private sector added more jobs than expected in June. The ADP employment report printed a 188K gain in June, against the 160K expected.

Still, investors are waiting for the big jobs numbers due out Friday. Economists predict the U.S. economy added 155,000 jobs and the unemployment rate fell to 7.5% in June.

The Obama administration's decision to delay implementing some parts of health care reform hit hospital stocks Wednesday.

Shares of Tenet Healthcare (THC), HCA Holdings (HCA), Community Health Systems (CYH) and Health Management Associates (HMA) dropped between 2% and 4%.

Wall Street traded a shortened session ahead of the Independence Day holiday.

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