U.S. stocks shake off global worries

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NEW YORK (CNNMoney)

Jobs numbers were mostly better than expected, but a weak manufacturing report raised concerns about economic growth.

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

U.S. markets were down less than other world markets. The Dow Jones industrial average, the S&P 500 and the Nasdaq moved down between 0.2% and 0.5%.

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.

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Preview to jobs Friday: Investors liked what the saw in the job numbers, mostly from the ADP's monthly figure on private-sector payrolls. These figures came in above expectations. First-time unemployment claims came in slightly below forecasts.

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

Europe... again?: Worries over the health of peripheral European countries once again caused global concerns.

Major European stock markets fell by about 1.5% in afternoon trading as investors worried that political turmoil in Portugal could re-ignite the region's debt crisis and a credit rating downgrade hit European banks.

"Portuguese political pandemonium continues today as austerity fatigue has led to the resignation of several key ministers and we could now be looking at the possibility of early elections," said Lee McDarby, head of corporate and institutional treasury dealing at Investec Bank.

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Portugal's 10-year government bond yields hit 8% and the country's benchmark stock index shed more than 6% Wednesday after the finance minister stepped down and the foreign minister announced his resignation. Portuguese opposition parties are calling for an early election, though Prime Minister Pedro Passos Coelho insists he will not resign.

Credit rating agency Standard & Poor's downgraded three European banks -- Credit Suisse (CS), Deutsche Bank (DB) and Barclays (BCS) --- citing worries over the size of their investment banking portfolios and the impact of new regulations. Shares in all three banks dropped by between 1% and 3%.

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Meanwhile, Asian markets ended with losses. The Hang Seng index led the move down, dropping by 2.5% as investors fretted over slower economic growth prospects in China. The Shanghai Composite index slipped 0.6% and the Nikkei in Japan eased 0.3%.

U.S. stocks gave up early gains to finish lower Tuesday as clashes in Egypt intensified.

U.S. markets conclude trading at 1 p.m. ET Wednesday and will be closed Thursday in observance of Independence Day.

First Published: July 3, 2013: 9:43 AM ET

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