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Market News

European Markets

European markets are called to open higher this morning.

Asian Markets

Most Asian stocks gained and metals advanced on speculation China is done raising interest rates this year after the third increase of 2011 took effect today. The euro traded near a one-week low versus the dollar before the European Central Bank meets to review borrowing costs.

US Markets

U.S. stocks recovered from early loses to close near session highs Wednesday after EU officials pushed back against recent downgrades of Greek and Portuguese debt, raising speculation that the union could move to minimize the impact of the ratings agencies.

The Dow Jones industrial average rose 56 points, or 0.4%, to close at 12,626. The S&P 500 gained than 1 point, or 0.1%, to 1,339. The Nasdaq composite advanced 8 points, or 0.3%, to 2,834.

PrintThe Dow was supported by strength in industrial and technology stocks. Shares of DuPont, 3M and Caterpillar all gained more than 1%. Intel and IBM were also strong. But the index was pressured by weakness in bank shares, as well as shares of Alcoa and Disney.

Events this week

Thursday: The government’ weekly jobless benefits report comes out before the start of trading, with 425,000 Americans expected to file new claims for unemployment, after 428,000 were filed in the previous week.

Separately, a report from payroll services firm ADP is expected to show that employers in the private sector added 60,000 workers in June, after boosting payrolls by 38,000 in the previous month.

Friday: The government will release its highly-anticipated monthly jobs report before the opening bell.

Employers are expected to have added 150,000 jobs in June, after adding 54,000 jobs in May. The unemployment rate is expected to slip to 9.0%, from 9.1% in May.

May wholesale inventory figures are due shortly after the opening bell. Late in the afternoon, the Federal Reserve will release its May consumer credit report.