The markets opened the holiday-shortened week on Tuesday with a slight loss for the Dow and S&P 500, as the five-day winning streak from last week was broken. On Wednesday, stocks edged up despite a downgrade of Portugal’s debt to “junk” and a rise by 0.25% of China’s lending rates. The Dow came within 100 points of its 2011 high on Wednesday in reaction to positive retail sales and manufacturing reports. However, on Friday a very disappointing June jobs report, where only 18,000 jobs were added to the economy and unemployment creeped up to 9.2% weighed stocks down considerably. But despite a large gap down in the morning, stocks finished with only a moderate loss.
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