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Business

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Richard Drew | Associated Press
Traders work in the oil options pit at the New York Mercantile Exchange on Wednesday.

Oil passes $101 per barrel

NEW YORK – U.S. stocks are mixed as worrying developments across the globe outweigh encouraging news about the U.S. job market.

Traders dumped Portuguese stocks and bonds as that country’s government teetered on the edge of collapse. Oil climbed above $101 a barrel as the political crisis in Egypt intensified.

That news was offset by a brighter outlook on the U.S. job market before Friday’s monthly employment report. Fewer Americans sought unemployment benefits last week

The Standard & Poor’s 500 index was down two points, or 0.1 percent, at 1,612 shortly before noon Wednesday.

The Dow Jones industrial average was up 37 points, or 0.2 percent, to 14,970.

The Nasdaq composite edged up five points, or 0.1 percent, to 3,439.

U.S. markets will close for the July 4th holiday.

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