U.S. Markets Finish Short Session Mixed

New York, NY (AHN) - U.S. markets closed at 1pm, eastern on Thursday for the holiday weekend. All three major indices saw late morning rallies, paring early losses.

We received a few pieces of economic data Thursday. The Labor Department said the unemployment rate held at 5.5 percent in June, showing no change from May. 62,000 jobs were lost in June. The number was basically in line with economist expectations.

The Institute for Supply Management reported that its index fell to 48.2 from 51.7 in May. The index measures service sector activity, any reading under 50 is considered contraction in the sectors business.

The Dow Jones Industrial was the only major average to produce a gain in the shortened session, up 73 points or 0.6 percent to 11,288.

The S&P 500 was relatively flat while the Nasdaq Composite had a small loss of 6 points or 0.3 percent.

Crude oil is trading higher $1 a barrel to $144.50 with an hour left in commodity trading. Oil reached a high near $146 earlier in the session.

The dollar index gained 1 percent after the European Central Bank raised its lending rate 0.25 percent to 4.25 percent. However, comments from the ECB president led markets to believe more rate hikes are unlikely in the near future. When foreign governments raise their lending rates, the dollar becomes less competitive with their currency.

U.S. markets will re-open Monday, July 7.